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Bosses of five banks in trouble over Sh1 billion NYS graft | PRESS REVIEW

8th February, 2019

The bosses of top banks could be dragged to court in connection with the Sh1 billion detectives say was looted through five financial institutions involved in processing National Youth Service (NYS) payments.

After investigations into the NYS II scandal, which prosecutors say involved over Sh8 billion, the Director of Criminal Investigations has flagged suspect transactions in the five banks totalling over Sh1 billion and forwarded the files to the Director of Public Prosecutions (DPP).

DCI George Kinoti yesterday told The Standard he had recommended that criminal charges be levelled against the chief executives of the five major banks, an unprecedented move should DPP Noordin Haji, after perusal of the files, recommend their prosecution.

Mr Haji yesterday said the DCI had recommended that charges be preferred against the banks, bank officials, individuals and entities “for concealing and facilitating, aiding, abetting and benefiting from proceeds of crime” and went ahead to name the banks and the improprieties investigations found.

Haji, in a statement yesterday, said he had constituted a team of senior prosecutors to independently review the respective files and make recommendations within 14 days.

The banks in trouble are Standard Chartered Bank, Kenya Commercial Bank, Equity Bank, Diamond Trust Bank and Cooperative Bank.

Should the DPP approve the recommendations for prosecution, top bankers, including former Standard Chartered boss Lamin Manjang, Kenya Commercial Bank CEO Joshua Oigara, Equity Bank CEO James Mwangi, Diamond Trust Bank CEO Nasim Devji, and Cooperative Bank’s Gideon Muriuki could be dragged to court.

Investigators want any administrator who breached corporate rules and regulations, signed any document or was part of any resolution that aided NYS suspects siphon the money arraigned. 

 

 
 
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