Kenya launches portal for corporate fraud

Kenya launches portal for corporate fraud

Kenya's Capital Markets Authority (CMA" has launched a portal for whistleblowers to unanimously report malpractices by listed firms in a move aimed at tackling corporate fraud.

According to Star.co.ke, the new portal which is accessible through the CMA’s website, allows whistleblowers to share anonymous but verifiable evidence to complement and support the CMA’s investigation and enforcement efforts.

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Paul Muthauram, CMA chief executive, said the regulator is seeking to ensure the market operates at the highest levels of integrity. He believes that the new portal is one of the new avenues to pro-actively receive constructive and sufficiently evidenced tips to improve responsiveness and strengthen timely enforcement.

Alleged governance malpractices has been blamed for cash flow challenges at Uchumi Supermarkets, Kenya’s sole listed retailer, which plunged into a Sh3.4 billion loss for the full year period to June 2015.

 

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