An investigation has been launched against Credit Bank CEO Betty Korir over alleged banking fraud. This was after a whistle-blower associated her with money-laundering offences and illegal acquisition of property.
The order was issued by Mr. Jacob Ondari who is the Deputy Director, Head of Offences Against the Person Department at the Office of the Director of Public Prosecutions (DPP). Ondari said in a previous letter that it was a serious complaint touching on the fraudulent acquisition of property and conflict of interest and money laundering.
According to reports, the CEO is reported to have used another company to access the funds from China, which were cashed out in suspect circumstances disguised as a business loan.
The CEO is a lawyer by profession and received her apppointment letter as CEO in 2017. Previously she had served as the head of Credit and deputy CEO. She had previously worked for Triodos Bank in the United Kingdom. Credit Bank is a third tier lender partly owned by former Finance Minister Simeon Nyachae.
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