Three chief executives of leading banks are expected to appear before a Nairobi court next week to face charges linked to an alleged Sh363 million fraud involving First Assurance Investment Limited.
The CEOs of NCBA Bank, KCB Bank and Co-operative Bank have been summoned to appear before the Milimani Chief Magistrate’s Court on August 11 to take plea.
Their expected appearance comes after a director of First Assurance Investment Limited was charged with stealing Sh363 million from the company.
Salim Mohamed Busaidy appeared before Milimani Chief Magistrate Gethi Kibiru on Thursday and denied the charges.
The prosecution alleges that Busaidy stole Sh363,320,459 that came into his possession by virtue of his position as a director and his access to the company’s bank accounts held at Co-operative Bank, NCBA Bank and KCB.
He also faces a separate charge of stealing Sh136,329,745 from the company’s account at KCB.
The alleged offences were committed on various dates between May 8, 2018 and April 30, 2024 in Nairobi.
Busaidy has also been charged with conspiracy to defraud, acquisition of proceeds of crime and more than 100 counts of making documents without authority.
According to the charge sheet, he allegedly forged several cheque requisition slips and more than 100 cheques ranging between Sh200,000 and Sh400,000, falsely purporting that they had been signed by Issa Abdalla Issa.
The court released him on a bond of Sh10 million with one surety of a similar amount or an alternative cash bail of Sh3 million.
Salim, John Gachora and NCBA Bank are accused that on 18 of May 2018 and April 2024, at NCBA Bank (K) Plc, in Nairobi city within Nairobi County, jointly with others not before court, while being a director of First Assurance Investment Ltd and the Chief Executive Officer of NCBA Bank (K) PIc respectively you conspired to defraud First Assurance Investment Ltd of Sh.171,979,664.
Salim, CEO Paul Russo and KCB Bank are accused that on diverse dates between l8 May 2018 and 30th April 2c.24 at KCB Bank of Kenya Ltd, in Nairobi City within Nairobi County, jointly with others not before court, while being a director of First Assurance Investment Ltd and the Chief Executive Officer of KCB Bank (K) Ltd respectively, you conspired to defraud First Assurance Investment Ltd of Sh.136,329,745.
Salim, CEO Gidion Muriuki and Co-operative Bank are accused that on diverse dates between 18 May 2018 and 30th April 2024 at Co-operative Bank of Kenya Ltd, in Nairobi City within Nairobi County, jointly with others not before court, while being a director of First Assurance Investment Ltd and and the Chief Executive Officer of Co-operative Bank of Kenya Ltd respectively, you conspired to defraud First Assurance investment Ltd of Sh.55,411,050.
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