Dedan Kamau Nyamathuwe was ordered by a magistrate’s court in Nairobi to pay a fine of Sh250,000 after he was found guilty of stealing Sh2.6 million from Co-operative Bank.
This amounts to about 10 percent of what the bank lost between March 3 and October 2, 2015.
Mr Nyamathuwe had a cash bail of Sh500,000, meaning that he will be given half the money back.
The punishment of a former bank employee convicted of theft has raised eyebrows. Dedan Kamau Nyamathuwe was ordered by a magistrate’s court in Nairobi to pay a fine of Sh250,000 after he was found guilty of stealing Sh2.6 million from Co-operative Bank.
This amounts to about 10 percent of what the bank lost between March 3 and October 2, 2015.
Mr Nyamathuwe had a cash bail of Sh500,000, meaning that he will be given half the money back.
The magistrate said the fine took into consideration the fact that the accused was a first offender.
The decision, however, sets a bad precedent and may encourage others to commit similar crimes.
Theft by insiders is one of the biggest risks facing banks that lose billions of shillings every year.
Those found guilty should be penalised heavily enough as a deterrent.
A fine that represents a fraction of the amount stolen basically ensures that the crime is profitable.
The law must be tough on crime, incorporating hefty fines and/or jail sentences.
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