Tycoon Naushad Merali withdrew Sh1.7 billion from Spire Bank days after selling the lender to Mwalimu National Sacco, triggering a chain reaction that has pushed the lender owned by teachers on the brink of collapse.
Mr Merali’s huge withdrawal in 2016— then an equivalent of a fifth of the bank’s Sh8.54 billion deposits— prompted other customers to remove cash from the bank, Spire Bank’s top officials revealed on Wednesday during a parliamentary probe.
