[Kenya] CMA warns against WIE and Women Investing in Entrepreneurship public offering
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.