Dubai Bank bosses freed on cash bail

A Nairobi court has declined to grant three directors of Dubai Bank free bond in a case in which they are accused of money laundering.

Milimani Chief Magistrate Daniel Ogembo directed Abdul Hafedh Zubeidi, Ali Bashir Sheikh and Wilson Hassan Nandwa to deposit Sh10 million cash bail each after their lawyer raised an objection over the charges levelled against them, saying they were defective.

While the defence sought a deferral of the plea, the prosecution asked for more time to file their response over the issues raised.

In the case, the chief executive officer and an operations manager are separately charged with the theft of Sh12 million from their employer.

Butaa Binay and Deeraj Kumar Baghel are accused of stealing Sh12,639,006 between April 28, 2014 and September 14, 2014 at Dubai Bank, Moi Avenue, Nairobi.

Other directors, Zubeidi, Sheikh and Nandwa, are accused of failing to comply with the requirements of sections 44, 45, 46 of the proceeds of crime and anti-money laundering Act in that they failed to carry out due diligence of a customer before opening account no. 81176973 in the name of Runway Entertainment Private Limited, a company the prosecution says "did not exist".