Capital Markets Authority and its CEO Wycliffe Shamiah have filed a notice of appeal challenging a High Court decision that awarded Cytonn Investment Management Plc Sh10.5 million in damages.
Court documents display that the regulator and its CEO intfinish to shift to the Court of Appeal of Kenya to contest the entire judgment delivered on March 11, 2026, by Justice L. P. Kassan at the Milimani Law Courts in Nairobi.
In the notice filed by their lawyers, the CMA and Shamiah declare they are dissatisfied with both the findings and the orders issued by the High Court.
“Take notice that the 1st and 2nd respondents herein, Wycliffe M. Shamiah and the Capital Markets Authority respectively, being dissatisfied with the judgment and orders of the court, intfinish to appeal to the Court of Appeal against the whole of the stated judgment,” the notice reads in part.
The filing signals the start of a legal process in which the matter will be considered by the Court of Appeal.
Cytonn CEO Edwin Dande has been involved in legal disputes with the regulator since 2020, including challenges relating to investment restrictions, regulatory oversight, and alleged harassment.
The High Court ruling, which is now under challenge, found the regulator and its CEO liable in relation to remarks created about Cytonn and awarded the investment firm monetary compensation.
Cytonn, which filed the suit in 2021, stated the remarks and a press statement warned investors against investing in unregulated products offered by entities such as Cytonn.
The firm stated the remarks, which it claims suggested that it was unlawfully raising funds from the public without regulatory approval, cautilized confusion in the market and affected its business reputation.
In their defence, CMA and Shamiah maintained that the statements were factual and were aimed at raising awareness about the risks of investing in unregulated financial products.
Lawyers representing the CMA and Shamiah, Waweru Gatonye & Co. Advocates, have indicated in the notice that they intfinish to seek to overturn the judgment.
Cytonn, through its legal team led by Prof. Tom Ojifinisha & Associates, is expected to oppose the appeal and deffinish the High Court’s findings.
The dispute has drawn attention within Kenya’s financial sector, where the CMA plays a central role in supervising capital markets and safeguarding investor interests.
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