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Family Bank has been removed from the Sh1.6 billion National Youth Service (NYS) suit following a deal with the Director of Public Prosecution (DPP).
Appearing before Nairobi Chief Magistrate Francis Andayi, lawyers representing the bank told the court that DPP Noordin Haji had agreed to clear them of the money laundering charges.
Lawyers for the bank Waweru Gatonye and Cecil Miller told Magiatrate Andayi that they had met the DPP's conditions.
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Deputy DPP Ms Dorcas Oduor confirmed the details adding that the ODPP was satisfied that the bank could not be held liable.
"I am not opposed the matter against the bank being marked as settled," she stated.
The Bank is a Separate entity from its Employees
Ms Oduor, however, opposed defense council's appeal to have employees of the bank exonerated as well.
"A bank is an entity which carries out its operations through its appointed agents who are required to observe the banking rules," she argued.
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John King'ori and the bank's MD Peter Munyiri were charged with "failure to report suspicion regarding proceeds of crime" in the suit that involved Josephine Kabura.