Businessman writes to CMA seeking 'protection of shareholders' in Old Mutual Holdings

He also wants the capital markets regulator to conduct a comprehensive investigation into the allegations and take necessary lawful steps to stop alleged continued oppression of minority shareholders.

“In light of the breaches, we respectfully request the Capital Markers Authority to furnish us with copies of the application and other transactional documents submitted to the CMA prior to the approval of the takeover, as per the requirements of Regulation 5 of the Takeover Regulations,” reads the letter.

Kibe claims that the actions have not only rendered the shares illiquid, preventing our clients from selling or transaction his holdings but have also caused significant financial and emotional distress" reads the letter addressed to CMA CEO Wycliffe Shamiah.