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10 Banks Suspected of Handling Stolen Government Funds Under Investigation in Kenya

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Authorities in Kenya have launched an investigation into 10 financial institutions on suspicion of handling looted funds from the National Youth Service (NYS). The news of the probe was confirmed by George Kinoti, the director of criminal investigations as the story was published by Daily Nation, naming nine commercial banks and a financial co-operative society.

The country’s biggest bank by sheer assets, East African, KCB Group, and Standard Chartered are among the list of lenders caught in the web of handling stolen government funds.

On Monday, a couple of senior officials and business people were taken into custody. They face charges relating to the theft of some $100 million from the NYS.

Standard Chartered Kenya’s chief executive, Lamin Manjang confirmed the company was under investigation by government agencies. KCB Group likewise issued a statement, saying the matter is to be decided in court.

Other commercial lenders on the list; Stanbic Kenya, Equity Group, Co-op Bank, Barclays Kenya, National Bank, Diamond Trust, Unaitas and Consolidated Bank, a financial co-operative.

Central Bank governor, Patrick Njoroge on Tuesday said a certain number of banks were under investigation, with the first order of business being tacking recipients of funds linked to the NYS and asset recovery.

Since coming to power in 2013, President Uhuru Kenyatta vowed to fight corruption but his critics say he has been slow to realize that campaign promise and go after top officials. Currently serving his second term, no high-profile conviction has been made yet.

Some 200 protesters stormed the streets of Nairobi on Thursday denouncing what they call ”high levels of corruption”.

Without giving further details, the director of criminal investigations said ”they will be investigated”

 

 

 

 

 

 

Neba Benson,

BaretaNews Foreign Correspondent/Analyst

 

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