{
  "id": 9537530,
  "title": "Mumias shareholder challenges CMA over access to information",
  "url": "https://urgent.news/2026/09/24/mumias-shareholder-challenges-cma-over-access-to-information",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T09:40:29.000Z",
  "source": {
    "name": "Capital Business",
    "slug": "capital-business",
    "url": "https://capitalfm.africa/mumias-shareholder-challenges-cma-over-access-to-information/"
  },
  "original_language": "en",
  "account": "In a legal challenge to the Capital Markets Authority (CMA), Mumias Sugar Company shareholder Taiti Hanningtone has requested a review of the regulator's decision to withhold information regarding the prolonged suspension of the company's shares. Hanningtone filed the petition under the Access to Information Act on September 23, responding to a September 18 CMA statement related to a request made on his behalf by legal counsel.\n\nThe shareholder's inquiry sought clarification on 33 matters concerning the suspension of Mumias shares, encompassing reasons for the suspension, regulatory assessments, resumption conditions, potential delisting, and shareholder rights. The CMA provided historical context of the suspension but declined to disclose substantive information on most requests. They relied on Section 13(2) of the Capital Markets Act, directing specific matters to the company and its receiver-manager.\n\nHanningtone argues that the CMA should have addressed each query individually under Section 6 of the Access to Information Act, offering specific reasons for withholding information. Additionally, he seeks disclosure of information that can be presented in summary form when certain elements may be exempt. The shareholder desires confirmation from the CMA about the existence of information regarding shareholder rights and the regulatory duties of Mumias during the suspension. He also asks for details on whether Mumias has submitted a proposal for resuming trading, the regulatory hindrances preventing resumption, and the conditions required for resumption.\n\nSince September 2019, Mumias shares have been suspended from trading following the company's placement under receivership, with the suspension subsequently extended indefinitely. Under the Capital Markets (Public Offers, Listings and Disclosures) Regulations, a suspended issuer must continue meeting specific listing obligations. The regulations also outline a resumption proposal and grant regulatory authorities authority over delisting in certain situations. Hanningtone seeks the CAJ's review of the CMA's decision, directing the authority to provide item-specific explanations for any withheld information and to order disclosure of information not exempt under the Access to Information Act.",
  "summary": "Taiti Hanningtone filed the review on September 23 under the Access to Information Act, challenging a September 18 response by the CMA to a request for information made on his behalf by his lawyers.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}