Fresh bond terms slapped on officials of Imperial Bank
From left: Mr Nasir Jessa, Mr James Kaburu and Mr Naeem Shah in a Nairobi court on March 29, 2016. PHOTO | PAUL WAWERU
What you need to know:
Naeem Ahmed Shah, who was head of credit, and James Jamlick Kaburu, who was head of finance, are to pay a cash bail of Sh3 million each.
Two former executives of collapsed Imperial Bank and three directors of a fish firm charged with defrauding the bank of Sh29 billion were Tuesday slapped with fresh bond terms.
Naeem Ahmed Shah, who was head of credit, and James Jamlick Kaburu, who was head of finance, are to pay a cash bail of Sh3 million each.
The three directors of a company named W.E. Tilley (Muthaiga) Ltd — Nashir Haiderali Jessa, Zulfikar Haiderali Jessa and Nargis Aziz Jessa — are to pay a cash bail of Sh5 million each or alternative bonds of similar amount.
They were charged on Wednesday and have been free on a Sh500,000 police bond issued upon their arrest. The five have also been ordered to deposit their passports in court as additional security.
Mr Shah and Mr Kaburu were charged with seeking to defraud the bank and depositors through “an irregular and illegal overdraft disbursement scheme” while the three other individuals are in the dock for their involvement in the alleged scheme.
They have denied charges of engaging in organised crime, false accounting and money laundering. The suspects are accused of receiving large proportions of funds suspected to have been stolen though a falsified overdraft disbursement scheme.
“In the period between August 30, 2010 and September 15, 2015, the accused acted in concert with others in the commission of serious crimes namely stealing, for the purposes of obtaining financial benefits,” the charges read.
Mr Victor Mule, a senior assistant director of public prosecution, had urged the court to consider the fact that the amount of money involved is colossal while issuing bonds.
Imperial Bank was put into receivership last October after the board of the mid-sized lender unveiled alleged malpractices.
Central Bank of Kenya governor Patrick Njoroge said in December he would have a clearer picture in March about how to deal with the bank after a full examination of its books.
He said all options were on the table, including liquidation, acquisition by another bank or a capital injection by shareholders to restart operations.
The controversial loss of funds became public last year after the death of the bank’s long-serving chief executive Abdulmalek Janmohammed.
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