EXPOSED! These five banks have been fined millions for handling NYS ‘Season II’ loot – Standard Chartered and KCB lead.

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Thursday, September 13, 2018 - Central Bank of Kenya (CBK) has cracked the whip on rogue banks that facilitated the looting of NYS season II money.

According to investigations by the Central Bank of Kenya, five banks were used to transact illegally acquired money from the National Youth Service.

The banks include Kenya Commercial Bank, Equity Bank, Standard Chartered Bank, Diamond Trust Bank and the Cooperative Bank of Kenya.

KCB is the hardest hit with a fine of Sh149.5 million followed by Equity Bank which has been slapped with a Sh89.5 million penalty.

Standard Chartered completes top three with a fine of Sh77.5 million.

DTB and Coop Bank have been fined Sh56 million and Sh20 million respectively.

Over Sh3.6 billion was wired through the banks, with the largest flow of Sh1.6 billion having been channeled through Standard Chartered Bank, according to the report by CBK.

Equity Bank and KCB reportedly handled Sh886 million and Sh639 million respectively while Diamond Trust Bank is said to have facilitated Sh162 million of the NYS loot.

“The second phase of the investigations will involve use of these findings by other investigators, inter alia, assessment of criminal culpability by the Directorate of Criminal Investigations (DCI) and the Office of the Director of Public Prosecution (ODPP).

“CBK has shared the findings with the relevant investigative agencies for their appropriate action. Further, an additional set of banks will also be identified and investigated,” reads the statement by CBK.

This opens the door for DCI to pursue senior managers of the mentioned banks to face criminal charges.

The Kenyan DAILY POST.
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