Former uchumi supermarket C.EO Jonathan Ciano/FILE PHOTO
UPESI NEWS BUSINESS REPORTER,NAIROBI 17TH JAN,2017-Former Uchumi Chief Executive Officer, Jonathan Ciano, has entered a consent to deposit Ksh 9.5 million bank guarantee in favor of the Capital Markets Authority (CMA) pending the hearing and determination of a case in which he is challenging the Ksh 18.5 million slapped by the authority for alleged mismanagement of the retailer chain.
In the consent that was entered by the parties before Justice Roselyn Aburili, Ciano was further offered to deposit the same within 14 days failure to which CMA will be at liberty to take action.
Ciano was slapped with a Ksh 5 million fine and further directed to refund Ksh 13.5 million earnings he made from Uchumi.
This is after CMA proved that he failed to disclose to the board that he had conflict of interest during his tenure on the board.
The matter will be mentioned on the 26th of this month at Anti-Corruption and Economic Court.