Ex-NBK finance chief Chris Kisire quits Bamburi board

Former National Bank of Kenya #ticker:NBK chief finance officer Chris Kisire has left Bamburi Cement's board, #ticker:BAMB less than a month after he was charged with defrauding the lender of more than Sh77 million.

The regional cement maker announced Mr Kisire had quit after serving nine years as per the rules of the Capital Markets Authority (CMA) — which had said it is probing him on the matter.

His departure incidentally comes ahead of his trial on the fraud charges, which commences next month.

Ambassador Chris Karanja, another independent director, also quit under the same CMA rules.

“Chris Kisire has tendered his resignation which the Board has accepted with regret,” Bamburi Cement company secretary Betty Kanyagia in a notice to the Nairobi Securities Exchange.

Arrested

The former banker was last month arrested by the Banking Fraud Unit and charged with theft.

READ: Former NBK finance chief charged with Sh77m fraud

Mr Kisire denied the fraud, abuse of office and breach of trust charges before Chief Magistrate Francis Andayi.

He is said to have committed the offences when he awarded Sygoin International Holding Limited a contract to supply furniture without following procurement procedures of his former employer.

“Between July 7, 2014 and April 17, 2015, at the headquarters of NBK, the accused, jointly with others not before this court, conspired together to defraud,” the prosecution said.

He is accused of using his position as the chief finance officer to arbitrarily effect payments of the monies to the said company without following procurement policy.

Mr Kisire was also accused of acting in abuse of authority and not in the best interest of his former employer.

The trial commences on July 13, 2017.