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Investors warned about dealing with WIIE
The Capital Markets Authority (CMA) has cautioned the public against participating in any capital raising or public offer of shares offered by Women Investing in Entrepreneurship (WIEE).
CMA in a bid to enhance investor protection and the fair treatment of customers revealed that WIIE has been raising money from the public through a public offer of share. Moreover, the nature and features of the capital raising are taking a form of regulated activity which has not been approved by CMA.
The firm is targeting women through the branding as “A women’s income and wealth incubator”. Moreover, it is using women celebrities to lure more women investors.
CMA chairman, Paul Muthaura noted that there are discrepancies in the information provided in the firm’s website and the information submitted to the authority in relation to its operations.
CMA in collaboration with law enforcement agencies has frozen WIIE bank accounts pending further investigations.
