MARKET NOTICE: HIGH COURT RULED IN FAVOUR OF ALTX EAST AFRICA
ALTX East Africa is pleased to announce the positive outcome of our legal challenge against Capital Markets Authority (CMA). The High Court of Uganda sitting on 28th February 2020 ruled that CMA acted illegally in cancelling ALTX East Africa’s approval to operate an exchange in Uganda. Furthermore, the High Court issued an order of Certiorari quashing CMA’s actions.
Justice Musa Sekaana stated in his ruling that judicial review was created to prevent regulators from substituting private, personal and parochial interests for the public interest. Justice Sekaana affirmed that CMA neglected the legitimate expectations of ALTX East Africa by not giving notice and by not affording ALTX a hearing. The ruling added that after suspecting that ALTX East Africa had failed to comply with CMA’s directives, CMA should itself have complied with the law which provides for the initiation of criminal proceedings against ALTX East Africa, the maximum penalty for which is a fine of UGX 1 Million according to the CMA Act, and does not in any way amount to a cancellation of approval to operate an exchange.
This is the outcome we have always expected, and we hope it will direct the future actions of our regulators. We would like to thank our investors for their unwavering support and continued confidence during this time.
ALTX East Africa is now moving forward with plans to revitalise Uganda’s capital markets by creating simple and affordable investment opportunities for individuals who have never had access to the market.