KCB Accuses Central Bank Of Kenya For Negligence On NYS Fraud - DAILY UPDATES

KCB Accuses Central Bank Of Kenya For Negligence On NYS Fraud

In a bare it all report by a Kenyan daily newspaper, reports show that Kenya Commercial Bank (KCB) is accusing the Central Bank of Kenya (CBK) for negligence that led to the misappropriation of public funds through the National Youth Service (NYS).

In a bare it all report by a Kenyan daily newspaper, reports show that Kenya Commercial Bank (KCB) is accusing the Central Bank of Kenya (CBK) for negligence that led to the misappropriation of public funds through the National Youth Service (NYS).

KCB, says that that they provided intelligence to the Central Bank of Kenya but it failed to act on the information, which led to the loss of massive amounts of taxpayers' money.

READ: Kenyan Twitter Blasts Moha Jicho Pevu For Launching Street Lights

KCB adds that CBK is unfair by chosing to fine banks instead of admitting that they did not act on information shared to them two years before the fraud became public.

The bank is indeed surprised that the regulator proposes to penalise it in respect of transactions that the bank reported and provided a detailed suspicious transaction report (STR).

KCB further adds;

An STR that not only identified suspicious transactions but went further to carefully detail the existence of a network of related entities doing business with NYS in the sum of about 258 million shillings. 

The report was submitted to CBK in December 2016 yet the NYS II saga broke in  May 2018. This raises questions on the laxity displayed by the supervisory bank.

She Dated Old South Sudanese Politicians. The Dark Side Of Monica Kimani And Her Family

Murder Suspect Joe Irungu Was Broke, Housed By Jacque Maribe

Monica Kimani's Facebook Account Deleted? Here's What We Know

You Did Not Get Good Grades In School! Frustrated Student Writes Letter To His Teachers

Teacher Gets Into Trouble For Sharing "The Man Who Sold A Country" With Students

Blogger Owaah Writes Scathing Article About Uhuru Kenyatta, Says He Sold Country

You Used To Ignore Me! Willis Raburu Bashes Jacque Maribe For Calling Him When She's In Trouble

Jacque Maribe Shows Up At Police Station Wearing Joe Irungu's Cap

Rumours Simmer Over Radio Africa MD Martin Khafafa's S3xuality

Thirst Trap Vera Sidika Visits Lodwar, Drives Prisoners Crazy

Murkomen, Gideon Moi Roasted By Angry Farmers In Forum Over Maize Scandal

No comments

Powered by Blogger.