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Former CEO Arraigned For Insider Trading.
Byline: Caroline Rwenji
Former chief executive of Kenya Commercial Bank Terrence Davidson was on Wednesday arraigned in court on charges of insider trading.
Mr Davidson denied the charges when he appeared before senior principal magistrate Stella Muketi.
He is accused of entering into an agreement with Suntra Investment Bank to acquire 664,899 Uchumi Supermarkets shares on his own behalf.
He is also accused of entering into another agreement with the same bank to acquire 300,000 shares of the same supermarket chain on his own behalf.
Mr Davidson allegedly committed the offences on December 2, 2005, and May 9, 2006.
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