FORMER CHASE BANK DIRECTORS CHARGED WITH CONSPIRACY TO DEFRAUD 1.6 BILLION.

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Three former Chase bank directors Duncan Kabui, James Mwaura Mwenja, Makarios Omondo Agumbi before a Nairobi Court on Thursday July 20.2017.

BY SAM ALFAN.

Three former Chase bank directors Duncan Kabui, James Mwaura Mwenja, Makarios Omondo Agumbi have been charged with conspiracy to defraud the bank of over 1.6 billion shillings.

It is alleged between 28th August 2009 and March 31, 2016 at chase Bank headquarters in Nairobi jointly with another before court conspired with intent to defraud Chase Bank limited  by means of falsely pretending that the disbursement of 1.6 billion shillings they effected from internal account of Chase Bank to the accounts of Camelia investments Limited, Cleopatra Holdings Limited , Golden Azure Limited and Colbrook Holding Limited were genuine loan facilities to the entities and were disbursed in the ordinary process of loan process flow.

Duncan Kabui Gichu is facing three other counts of stealing over 3 .1 billion shillings from the said bank.

They pleaded not guilty before Principle magistrate Martha Mutuku and were released on a cash bail of 2 million shillings each.

Last month Former Chase Bank chairman Zafrullah Khan pleaded not guilty to charges of defrauding the lender.

The bank was placed under receivership for 12 months after experiencing liquidity difficulties leading to a loss of millions of shillings for the financial year 2015.

The case will be mentioned on 3rdAugust.

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