PRESS RELEASE
CMA warns against WIE Limited and Women Investing in Entrepreneurship (WIIE) Public Offering
Nairobi, 2 September 2019…In a bid to enhance investor protection and the fair treatment of customers, Capital Markets Authority (CMA) has cautioned the public against participating in any capital raising and public offer of shares offered by WIE Limited also operating under the name Women Investing in Entrepreneurship (WIIE).
The Authority’s preliminary investigations revealed that WIE Limited has been raising money from the public through a public offer of shares targeting women as their customers and also branding itself as ‘A women’s income and wealth incubator’. ‘WIE Limited business model furthermore seems to have been endorsed by various women celebrities in the country in a bid to lure more women investors’, CMA Chief Executive Mr. Paul Muthaura said.
The Authority noted discrepancies in the information provided in the firm’s website https://www.wiie-wiwi.com and the information given to the Authority by WIE Limited in relation to its operations.
The Authority in collaboration with other law enforcement agencies has frozen the company’s bank account pending further inquiries noting that the nature and features of the capital raising by WIE Limited is taking the form of a regulated activity, which has not been approved by the Authority. Members of the public are therefore urged to exercise caution before participating in any public offer lacking regulatory sanction.
ENDS
BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.
