The Lower Eastern Times Opening The Third Eye
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The Capital Markets Tribunal has announced that it will not proceed with hearing Mihr Samir Thakar’s appeal, which contested the Capital Markets Authority’s (CMA) decision to suspend the trading of Kenya Airways PLC shares at the Nairobi Securities Exchange (NSE).
Thakar filed a memorandum of appeal on January 16, 2024, challenging the CMA’s January 4, 2024 decision to extend the suspension of KQ’s shares for 12 months at the NSE.
The CMA’s notice stated, “Notice is hereby given on the extension of suspension from trading of Kenya Airways PLC shares. The extension of suspension seeks to enable the company to complete its operational and corporate restructuring process.”
However, the court pointed out that continuing with the appeal would not be “logical” since the 12-month suspension period has already passed. The court further noted that the resumption of trading for Kenya Airways shares at the NSE makes the appeal irrelevant, and it has been marked as overtaken.
Additionally, the court ruled that each party involved will bear its own costs for the appeal, as it would be “unfair” for either the CMA or Kenya Airways to bear the costs.
The court also highlighted that the 12-month suspension period, which started on January 5, 2024, has already expired.
