CMC shares frozen for three more months

Posted on September 27, 2011

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William 'Bill' Lay CEO CMC Holdings

Shares of CMC Holdings have been suspended for a further three months.

The suspension by the Capital Markets Authority came after the lapse of the initial seven days.

A statement from the regulator says ‘the extended suspension period is expected to facilitate ongoing investigations by CMA of allegations relating to CMC Holdings’

This means that shareholders of the firm will be in the cold as the regulator ties the knots in the company.

In what started out as a ‘boardroom coup’ fast slipped into a show of might by the corporate Kenya big boys.

On one side is Mr Peter Muthoka, a director of CMC and CEO Andy Freight Forwards and the other has CEO Mr Bill Lay.

Mr Lay is believed to be having the support of among others chairman Mr Joel Kibe who is also the CEO of Mobicom.

You can read the inside story on the boardroom wars here

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