The public, especially women, have been warned by the Capital Markets Authority (CMA) against investing with Tess Kariuki and Wanjiru Macharia-owned Women Investing in Entrepreneurship (WIIE) Ltd.
In a statement dated September 2, CMA cited discrepancies in the information that appears on the WIIE website as against that which has been submitted to the market regulator.
“In a bid to enhance investor protection and the fair treatment of customers, Capital Markets Authority (CMA) has cautioned the public against participating in any capital raising and public offer of shares offered by WIE Limited also operating under the name Women Investing in Entrepreneurship (WIIE),” noted the Authority.
CMA said that they had frozen the company’s bank account pending further inquiries, in collaboration with other law enforcement agencies.
“The nature and features of the capital raising by WIE Limited is taking the form of a regulated activity, which has not been approved by the Authority. Members of the public are therefore urged to exercise caution before participating in any public offer lacking regulatory sanction,” added the statement.
The firm has been conducting publicity stunts since July, including holding interviews with local mainstream media in preparation for a pre-launch in September and main launch in October, which will include the launch of an app.
The firm promised entrepreneurs mentorship, access to a practical and affordable investment platform and access to funding for entrepreneurs who have good businesses and ideas.