Ciano, other ex-Uchumi officials barred from holding office in public firms, to pay Sh21.7m

Former Uchumi chief executive Jonathan Ciano. PHOTO | FILE  

By DAVID HERBLING

In Summary

• Mr Ciano, together with former Uchumi chairman Khadija Mire, finance manager Chadwick ...Okumu, former directors James Murigu and Bartholomew Ragalo have also been banned from holding office in any publicly listed company.
• The markets regulator has also barred Faida Investment Bank from carrying out any advisory services for six months for acting as lead transaction adviser and sponsoring stock broker ill-fated Sh895 million Uchumi cash call.
• CMA has slapped Mr Ciano with a financial penalty of Sh5 million and will also seize Sh13.5 million deemed as proceeds of crime as he did not declare conflict of interest to the Uchumi board.