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Home Africa

MPs put CBK governor on the spot over collapsed banks

by admin
June 12, 2020
in Africa, Economy, Headlines
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MPs put CBK governor on the spot over collapsed banks
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The Central Bank of Kenya has been put on the spot for failure to prosecute staff who condoned malpractices in three banks that were put in receivership over the past one year.

Appearing before the National Assembly Finance, Planning and Trade Committee, CBK Governor Dr Patrick Njoroge was put to take for not taking action against banking supervision department officials and auditors who who are alleged to colluded with staff at Imperial Bank Ltd, Chase Bank Ltd and Dubai Bank Ltd, all of which have been put in receivership since he took over at the helm of the apex bank.

However, Dr Njoroge said a forensic audit was still in progress and there is no evidence so far implicating any CBK staff in the banks in wrongdoings at the three banks.

“To be honest I can tell this committee with finality that we did not have adequate evidence to sack the said staff members,” Njoroge said in response to claims by Nominated MP Oburu Oginga that CBK staff colluded to falsify the banks’ books of accounts.

But committee chairman Benjamin Lagat said they will look ibto the conduct of the auditor who looks into the banks’ account following allegations that he also acted as its receiver manager.

“The committee will also interrogate the manner in which Chase Bank auditors conducted their work despite the fact that the same professionals were accused of being part of the bank’s downfall,” he said.

On the controversy surrounding the receivership of Imperial Bank Ltd, the Governor said CBK is working on  four cases against shareholders, directors, senior management and the estate of the late CEO Abdulmalek Janmohamed.

He also said shareholders of Imperial Bank Ltd would be for allegdly breaching fiduciary duties and failure of corporate governance with the hope of recovering Sh44.9 billion.

In one of the cases, shareholders are seeking to recover Sh34 billion from W.E Tilley and others while the second has been brought against Janco Investment for the recovery of debt from the estate of Janmohamed amounting to Sh4 billion.

At the same time, the CBK governor and shareholders of Dubai Bank had filed a case in court seeking to recover Sh48 million from the former Bank’s chairman Hassan Zubedi and six others being failed settlement of Bank of Africa debt.

 

Tags: BanksMPsPatrick Njoroge
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