A long-running dispute between agribusiness firm Kakuzi Plc and the Capital Markets Authority (CMA) has escalated to the Court of Appeal, pitting the company’s board of directors against the market regulator in a case that could have far-reaching implications for listed firms.
The matter was heard this week as parties await directions from the higher court. Kakuzi moved to the appellate court after the High Court declined to stop CMA's inquiry into Kakuzi’s affairs. The company is now seeking orders to preserve the status quo pending determination of its appeal.
The parties had in April explored an amicable settlement, raising hopes of ending a legal battle that has dragged on for years.
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