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Kenyan investor Mihr Thakar has filed a case at the Capital Markets Tribunal contesting the extension of the suspension of the trading of Kenya Airways (KQ) shares at the Nairobi Securities Exchange (NSE).

Mihr Thakar. Photo: Twitter

The appellant, Mihr Thakar sued the Capital Markets Authority (CMA), KQ, and NSE for breach of law, protesting that the reason for the suspension of trading of KQ shares at the bourse was no longer valid.

NSE recently announced that trading in Kenya Airways shares has been suspended for another year, as the troubled national carrier battles to return to profitability.

The airline’s shares had been suspended since July 2020 amid the COVID-19 pandemic, which devastated global air travel.

“The extension of suspension seeks to enable the company [to] complete its operational and corporate restructure process,” the Nairobi Securities Exchange said in a statement issued Wednesday.

Trading at the Nairobi Securities Exchange. Photo: The Standard

Mihr Thakar has moved to the Capital Markets Tribunal contesting that the grounds of suspension are no longer valid. In his appeal, Thakar pleads:

“That the Respondent erred in law and in fact by extending a suspension whose initial cause had faded away.”

 

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