Capital markets regulator Capital Markets Authority (CMA) has appointed an adhoc committee to hear the sides of those named in a forensic investigation report on giant car dealer CMC Motors Group. The report by Webber Wentzel (South Africa) accuses current and previous directors of fraud, mismanagement, running of secret offshore accounts and falsifying books of accounts.

Former anti-corruption boss and retired Justice Aaron Ringera will chair the committee that is made up of Miss Jacqueline Kamau, Dr James Boyd McFie (lecturer at Strathmore University), Mr Mahmood Manji (CMA director) and Ms Rose Detho, a director at the Deposit Protection Fund Board at the Central Bank of Kenya.

The committee is expected to commence hearing sessions on Wednesday and seat for a period of one month. The committee's  proceedings will be done on camera.

Capital Markets Authority released the final forensic investigation report to CMC Holdings and directed that the findings be made available to the firm’s shareholders.

Those adversely mentioned include former chairman Jeremiah Kiereini and his CEO and Martin Forster, current CEO Bill Lay, and former chairman Peter Muthoka.