 | Adili 113 - Global Corruption Report 2009: Corruption and the Private Sector
Author: TI-Kenya
Classification: Adili Newsletter
Language: English
On 13 October 2008 the Capital Markets Authority intervened in the management of Discount Securities Ltd, a stockbroker with the Nairobi Stock Exchange, and appointed an auditing firm, KPMG, to investigate allegations of weak financial base and poor corporate governance. Following these developments, the National Social Security Fund (NSSF) lost, or is likely to lose, Sh1.4 billion (approximately US$19 million) belonging to desperately poor retirees invested through the stockbroker.
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