Chase Bank shocks market with Sh8bn secret insider loans

Chase Bank chairman Zafrullah Khan and group managing director Duncan Kabui resigned yesterday after the bank sent shockwaves in the market with a restatement of its financial results showing it had under-reported insider loans by a whopping Sh8 billion.  

Consulting firm, Deloitte, who are Chase Bank’s auditors, said in a note accompanying the statement that it had offered a ‘qualified’ audit opinion on the lender’s finances — the first for a Kenyan bank in nearly 20 years.