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{
    "id": 1132099,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1132099/?format=api",
    "text_counter": 25,
    "type": "speech",
    "speaker_name": "Kitui Rural, CCU",
    "speaker_title": "Hon. David Mboni",
    "speaker": {
        "id": 13388,
        "legal_name": "David Mwalika Mboni",
        "slug": "david-mwalika-mboni-2"
    },
    "content": " Thank you. THAT, contrary to the claim by the bank, Mr. Ngei established from the CDSC that the Dyer and Blair Investment Bank had fraudulently traded in his shares without his knowledge. THAT, on 18th August 2015, Mr. Ngei launched a claim with the Capital Markets Authority (CMA) which is the regulator of capital markets. THAT, whereas Section 13(b) of the Capital Markets Authority Act requires the CMA to investigate a complaint and impose an interim measure to prevent further damage pending completion of complaint to cushion an investor from suffering irreparable damage as a result of activity committed and act, the CMA is yet to take action on Mr. Ngei’s matter since 2015. THAT, in spite of the subsequent follow up made by Mr. Ngei on 30th November 2020 and 12th January 2021 to have his complaint addressed, the CMA is yet to act. THAT, the inaction by the CMA in the abdication of duty contemplated in Section 25(a)(v) of the Capital Markets Authority Act, and has exposed his hard-earned investment to imminent loss. THAT, none of these issues raised in this Petition is pending in a court of law, a constitutional body or any other legal body. Therefore, your humble Petitioner prays that the National Assembly, through the Departmental Committee on Finance and National Planning: (i) Inquires into the circumstances under which the Dyer and Blair Investment Bank fraudulently traded in Mr. Ngei Matibo’s shares without his express authority or knowledge and caused him to lose Kshs19,388,819.59 with a view to ensuring that Mr. Ngei is paid his dues. (ii) Inquires into the circumstances under which, for six years since 2015, the CMA has inordinately failed to address the complaints by Mr. Ngei against the Dyer and Blair Investment Bank Ltd. for the fraudulent trading activities and commend prosecution of those culpable of this serious abdication of duty. (iii) And make any other recommendation it deems appropriate in addressing the issues raised by the Petitioner. And your Petitioner will ever pray."
}