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CMA fines Solomon Alubala former head of treasury at National Bank of Kenya Sh104.8 million

4th April, 2018

In a move that is set to break records ,the capital markets authority has fined Solomon Alubala, a former head of treasury at the national bank of Kenya, a whopping 104.8 million shillings, the largest ever individual fine at the Nairobi securities exchange, for his role in an alleged cash siphoning scheme at the bank.  According to a statement from the CMA, Alubala has been fined Sh 104.8 million, being 2 times the amounts so far traced into his hands from the embezzled funds. CMA has also sought restriction on two properties associated with him which were allegedly purchased with the embezzled funds. At the same time, the capital markets authority has taken administrative action against other former national banks of Kenya board members and former senior managers who served at the bank as at December 31, 2015  for the alleged misrepresentation of financial statements and embezzlement of funds at NBK.