How two Kenyans saw top bank lose over Sh80 million

Two former NBK officials were charged with defrauding the lender millions of shillings

Two ex-National Bank of Kenya officials have been charged with defrauding the bank Sh84 million.

Chris Chepkoit Kisire, former NBK Chief Finance Officer and Wycliffe Kivunira (former acting Chief Finance Officer) were on Tuesday charged in a Nairobi court for defrauding the lender Sh77 and Sh7.8 million respectively.

In Mr. Kisire’s case, he is accused of using his position to effect payments of the monies to a company awarded a contract to supply furniture, without following procurement policy.

He is also accused of acting in abuse of authority and not in the best interest of his former employer.

The court also found him guilty of paying Cedama International Company Sh21 million for supply of electrical items, assorted furniture, and tiles without following the bank’s payment procedures.

On the other hand, Mr. Kivunira is accused of fraudulently taking over a proof of concept for the core banking system upgrade contract validly awarded to MISYS and re-awarding it to another firm. He was also accused of abuse of office and breach of trust.

The bank had a shake-up of its top management following an inquiry into allegations of a series of malpractices at the institution.

Some of the top officials affected were former managing director Ahmed Munir Sheikh, corporate institutional and banking director Boniface Biko, head of credit George Jaba and ICT director Mohammed Abdalla.

The two however denied the charges and were freed on a cash bail of Sh1 million each.

National Bank of Kenya in April reported losses of close to Sh300 million for the year 2016 through deceitful employees and cybercrime attacks.


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