Mr Bernard Mwangi Kibaru, a former general manager with Uchumi Supermarkets, is all smiles after he was acquitted of insider trading charges. Chief magistrate Gilbert Mutembei said that the prosecution had failed to prove the case.

..should we expect similar outcome for Mr Terry Davidson et al on thursday?

http://www.businessdaily...-/11nasvhz/-/index.html

Insider trading is only illegal when a person bases their trade of stocks in a public company on material information that the public does not know. Everyone knew Uchumi was technically insolvent and was on its death bed.
The only difference IMHO was that some people were in a much better position to estimate the time of death. Question is did they have an obligation to inform other investors about Uchumi's estimated time of death. The only people who had a fiduciary duty to other investors were the directors. We should expect a similar outcome for Terry Davidson though am not too sure about Kirubi & co directors. Anyway the world is not a fair place and the sooner we know that the better. NSE ina wenyewe its not a fish market.

But Terry Davidson was not a director of Uchumi he was only the CEO of uchumi's banker. Even if those allegations are true he still did not have any duty/obligation to inform the other investors that's the work of the directors. The key point is that the public knew from the company accounts that Uchumi was insolvent. What Terry & Co did was unethical but not illegal IMO. It would have been different if the directors told Terry they were going to pull the plug on 1st June and he went ahead and sold.

I think CMA should have a little creative in their investigations and done what SEC did with Martha Stewart by getting other charges like collusion, conspiracy etc.

may be sit tight like some good ol' pilot and crash with the plane..or sink with your ship..or crash with ur bodaboda.. it'd be inhuman to jump of and let all who've put their trust in u crash and burn.

Definition of the offence of Insider Trading: Section 32A of the Capital Markets Act:

32A.(1) No insider shall:-
(a) either on his own behalf or on behalf of any
other person, deal in securities of a company
listed on any stock exchange on the basis of
any unpublished price sensitive information; or
(b) communicate any unpublished price sensitive
information to any person, with or without his
request for such information, except as required
in the ordinary course of business or under any
law; or
(c) counsel or procure any other person to deal in
securities of any company on the basis of
unpublished price sensitive information.
(2) Any insider, who deals in securities or communicates any information or consults any person dealing in securities in contravention of the provisions of subsection (1) shall be guilty of insider trading.

An "Insider" is defined as "any person who, is or was connected with a company or is deemed to have been connected with a company, and who is reasonably expected to have access, by
virtue of such connection to unpublished information which if made generally available would be likely to materially affect the price or value of the securities of the company, or who has received or has had access to such unpublished information."

Clearly Terry Davidson (not just directors) could have been "insiders" contrary to what some have argued above.