Inter-Web Global director charged over CMA licence

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The director of Inter-Web Global Fortune Limited has been charged with carrying out a business as an online forex broker without a license.

Manases Kuria Karanja is accused of carrying out the business without licensed by the Capital Markets Authority (CMA) or the Central Bank of Kenya.

He is alleged to have committed the offence between 1st January 2018 and 31st August 2019 at View Park Towers in Nairobi.

He denied the charges before Senior Principal Magistrate Kenneth Cheruiyot.

The prosecution informed the court that the accused person has been posting information touching on this case on social media and requested that he be restricted.

His lawyer did not object to the application but wanted the order to extend to Capital Markets Authority (CMA), all social media users and even main media.

The magistrate noted that both the defense and prosecution were concerned about what is being posted on social media.

The application was denied on grounds that the matter is a public trial and the public has a right to know.

In addition, the court ruled that CMA is law abiding and is expected to act in accordance with the law.

The accused was granted a bond of Sh 2 million and one surety of a similar amount or a cash bail of Sh 1 million. He was also ordered to deposit his passport in court until further orders.

The case will be heard on 20th November.