NAIROBI: Former Imperial Bank Managing Director Naeem Shah and his deputy have been charged in court for the theft of Sh29 billion, alongside three W E Tilley directors.
The five top managers were yesterday accused of conspiring to defraud the bank through criminal schemes and false accounting. Naeem Ahmed Shah (former MD) and his deputy James Jamlick Kaburu together with W E Tilley directors — Nashir Haiderali Jessa, Zulfikar Haiderali Jessa, Nargis Aziz Jessa, and W E Tilley (Muthaiga) Ltd denied the charges read out to them before Principal Magistrate Joyce Ngandani at the Milimani Law Courts early Wednesday.
The prosecutor sought harsh bail terms for the accused whom he described as flight risks. The court, however, granted the accused Sh500,000 cash bail each pending the determination of bond.
Lawyer Ahmednasir Abdullahi, appearing for the accused, requested the court to release the defendants on favorable bond terms on grounds that they were entitled to bail under the Constitution.
The court heard that the accused committed the offence between January 1, 2006 and September 15, 2015 at the Imperial Bank Ltd headquarters in Nairobi. It is alleged that they conspired to defraud the bank and its depositors of about Sh29 billion through irregular and illegal overdraft disbursements.
They face two other counts of engaging in organised crime and fraudulent accounting. The court heard that on August 30, 2010 and September 15, 2015 at the said bank, together with others not before court, they committed a serious offensce of stealing for the purpose of obtaining financial benefits.
Shah and Kaburu were accused that on January 2006 and September 15, 2015, being the head of credit and head of finance respectively, with intent to defraud, they made false entries in the bank’s books. “My client’s accounts has been frozen and he cannot cater for his family,” said Mr Adbullahi. Lawyer George Kithi said the accused were not a flight risk.
