CMA probe exposes Uchumi Supermarket looting
Former Uchumi CEO Jonathan Ciano has been fined 18.5 million shillings by the capital markets authority for mismanaging the supermarket and for conflict of interest.
Of the fine, 13.5 million is a refund of the profits Ciano’s wife made from trading with Uchumi as a supplier contrary to CMA regulations. Ciano has also been banned from holding a management position for five years in penalties that were also extended to former Uchumi managers.
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