Stock broker Aly Khan Satchu has been dealt another blow after his TV show, The Smart Investor, was halted following his suspension at the stock market.
The Capital Markets Authority (CMA) is reported to have sounded a strong warning to Metropol TV, which has been running the show since Satchu was suspended from the market a month ago.
CMA sanctioned Satchu from trading or holding any significant office in any listed firms at the Nairobi Stock Exchange (NSE) last month, following reports of insider trading.
Read: Key Individuals Involved in the KenolKobil – Kestrel Insider Unmasked
Satchu was implicated in possible insider trading in the Kenol Kobil take over by the French firm, Rubis Energie.
He was implicated alongside CEO and Executive Director Kestrel Capital Andre DeSimone, and Kunal Kamlesh Somchand Bid.
“CMA established that Andre DeSimone disclosed price sensitive non-public information on the Kenol Kobil transaction on the sale of the 24.99 percent Wells Petroleum shareholding in KenolKobil to Rubis Energie SAS (Rubis) and the impending takeover to the two identified stockbroking agents,” CMA said while delivering the ruling.
Read: CMA To Retain Ksh458 Million ‘Income’ For Insider Trading Suspects In KenolKobil Takeover Deal
On his side, DeSimone was fined Ksh2.5 million and disqualified from holding any office as a key officer of a listed company or issuer, licensee or in any other capacity in an institution approved by CMA for one year.
Satchu, according to investigation, was accused of tipping investors to buy many shares of Kenol Kobil as he had in hand information regarding the takeover which was yet to be released to the public domain.
Read: KenolKobil MD David Ohana Quits As Insider Trading Scandal Bites On
Satchu and his accomplices would have profited with Ksh500 million which they had agreed to split by half after the sale.
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