Kenya: CBK Requests CMA Review of Irregular Trades Involving NSSF

3 September 2024
Capital FM (Nairobi)
By Phidel Kizito

Nairobi — The Central Bank of Kenya (CBK) has requested the Capital Markets Authority (CMA) to investigate irregular trading activities involving the National Social Security Fund (NSSF) Kenya.

The trades in question took place between May and July 2024, involving the NSSF's CSD accounts and two parties identified as Humphrey Wachira Gichuru and Pergamon Investment Bank.

CBK, in a letter issued by its Director for Financial Markets, David Luusa, asserted that analysis of the trades shows that the NSSF was involved in transactions where bonds were bought at prices significantly above the market average and sold at lower prices.

Notably, the NSSF engaged in transactions where bonds were sold at lower prices only to be repurchased at higher rates shortly after.

"The purpose of this letter is to request the CMA to review the conduct of the above- mentioned parties and share the actions taken with the Central Bank of Kenya," read the letter by Luusa in part.

Read the original article on Capital FM.

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