Dr. McFie Appointed to Commission Probing CMC

Dr. James McFie

Dr. James McFie

Dr James McFie, the Director of Research and Academics in the School of Management and Commerce has been appointed to the commission that will receive submissions from current and former Cooper Motor Corporation (CMC) board members accused of irregular dealings at the company.

The commission is headed by former anti-corruption boss, Justice (Rtd) Aaron Ringera.  Other members of the commission are Jacqueline Kamau, Mahmood Manji and Rose Detho.

Ms Kamau is an arbitrator and is currently the chairperson of Chartered Institute of Arbitrators of Kenya’s Executive Committee. Mr. Manji is a Director at the Capital markets Authority (CMA), and Ms Detho is the Director at the Deposit Protection Fund Board at the Central Bank of Kenya.

Persons mentioned adversely in the forensic audit report by South African firm Webber Wentzel will present their defense to the committee, the CMA said on Friday when it formed the team.

Former CMC directors Jeremiah Kiereini, Martin Forster, and current directors Charles Njonjo have been identified as parties to illegal off-shore accounts in which inflated charges on the company’s vehicle imports were siphoned and later paid to a few people.

The Webber report also found that Peter Muthoka’s logistics firm, Andy Forwarders, had been charging high prices for its services to CMC, but ruled out criminal conduct on Mr. Muthoka’s part.

“The appointment of the ad hoc committee underpins our commitment to protect all shareholders and the investing public as well as uphold market confidence,” said Stella Kilonzo, the CMA chief executive.

The commission is expected to start the hearings tomorrow and will sit for two months, subject to any extension granted by the board of CMA.