Nairobi, Jan. 22 -- A six-year legal fight between fund manager Cytonn and the Capital Markets Authority (CMA) is set to drag on after the High Court ruled that a 2019 enforcement order still raises live constitutional and commercial questions, despite new market rules.

The High Court rejected an attempt by the CMA to terminate the case on grounds that it had been overtaken by changes in the law governing collective investment schemes.

Read:CMA added powers to fight fraud in schemes

The dispute dates back to December 2019, when the State regulator directed Cytonn Asset Managers Limited to suspend onboarding new clients and unit holders unless it secured a new trustee by the end of that year. The directive warned that failure to comply ...