Shareholders: Former Imperial Bank MD threatened juniors

NAIROBI: Troubled Imperial Bank's former Managing Director Abdulmalek Janmohamed, arm-twisted his juniors in a bid to siphon Sh20 billion, shareholders have said.

The new revelation has emerged in an application to join the financial lender's eight major shareholding companies in the case.

The application, filed by lawyer Andrew Wandabwa before High Court Judge Fred Ochieng, alleged the late Janmohamed threatened subordinate officers.

The application, which will be heard on December 22, contained affidavits by shareholders who claimed the deceased concealed the fraud from his co-directors.

According to court documents, Imperial Bank is owned by Imaran l Limited (14 per cent), Reynolds & Company Limited (10 per cent), East Africa Motors Industries (11 per cent), Momentum Holdings Ltd (12.5 per cent), Abdumal Investments (14 per cent), Rex Motors Ltd (12.5 per cent), Kenblest Ltd, (12.5 per cent) and Janco Investments taking up a 13.5 per cent stake.

The shareholders alleged the former boss used to issue orders written on chits, directing the then Head of Credit Naeem Shah to direct disbursements in the most casual of ways, and at the same time assuring them he would take care of any issues that would arise.

In his affidavit, Abdumal Investments Ltd Director Ghalib Hajee claimed that four days after their respective promotions, the two top officials reportedly opened up to bank Chairman Alnashir Poppet, informing him of the rot.

They were only able to speak after the sudden death of Janmohamed, which occurred mid-September. Upon his death, all his dark secrets began unfolding in quick sequence.