Eight Kenyan Banks Admit to Aiding Looting of Billions of Shillings from NYS
The Director of Public Prosecutions (DPP) Noordin Haji says that eight Kenyan banks have admitted to playing part in the looting of billions of shillings from the National Youth Service (NYS).
Haji says he has signed a plea-bargaining deal with the lenders to pay more than Sh300 million in fines slapped on them by the Central Bank of Kenya (CBK) after they were found culpable of facilitating movement of cash stolen from the youth agency.
In September, the CBK imposed a fine of Sh392 million on five banks found to have violated financial rules in respect to the handling of Sh3.5 billion stolen from NYS.
The five lenders include Standard Chartered Bank, Equity Bank, Kenya Commercial Bank (KCB), Co-operative Bank of Kenya (CBK), and Diamond Trust Bank (DTB).
KCB was handed the highest fine (Sh149.5 million) followed by Equity Bank (Sh89.5 million), Standard Chartered Bank (Sh77.5 million), DTB (Sh56 million) while Co-operative Bank will pay Sh20 million.
More than 40 suspects including former Youth Affairs Principal Secretary Lillian Omollo and former NYS director general Richard Ndubai are facing charges related to theft of funds from NYS.
Comments
What about the millions…
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What about the millions being splushed all over in churches. Is this money going through the same banking system? Au zimewekwa nyumbani kwa magunia?
Mwananchi ste being robbed…
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In reply to What about the millions… by Njai (not verified)
Mwananchi ste being robbed twice.When you fine a bank,it simply passes the fine to customers
Silliness. Fining banks…
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Silliness. Fining banks while the real looters roam around perfecting their craft.
@Haji that is a good start.
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@Haji that is a good start.
Ndugu @Njai: Ningependa…
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Ndugu @Njai:
Ningependa kujua, kwa nini mkristo Ruto hajashikwa na kueleza pesa anazotupatupa ovyo makanisani anazitoa wapi?
Yafaa kesho (Jumapili) ashikwe mara moja akionekana akitoa pesa katika kanisa lolote na kupelekwa rumande. Ni muhimu atuambie kwa nini anakataa kujenga viwanda kama Ndugu Kivutha Kibwana na kuwasaidia vijana wapate ajira hapa duniani. Hakuna maisha mengine baada ya kufa.
"......Haji says he has…
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"......Haji says he has signed a plea-bargaining deal.."
NO NO NO Bw. Haji ---- The records are there to prove it... why negotiate?
When do Wananchi get a break??? The money the banks helped launder is Wananchi's sweat and these Banks have failed to protect taxpayers for decades.
Let them pay to the last coin! Our money our say...
Those bank managers and…
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Those bank managers and clerks need to be arrested.They are criminals.
It is clear these banks are part of a criminal network.
The assist thieves.
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