CMA takes action on National Bank fraud architects

CMA takes action on National Bank fraud architects
A photo of one of National Bank's branches :PHOTO COURTESY

The Capital Markets Authority (CMA) has fined former National Bank of Kenya board members and senior managers who served up to December 31st 2015.

The officials, CMA says, misrepresented financial statements and embezzled approximately Sh1 billion from the lender during their tenure.

Former managing director Munir Sheikh Ahmed has been disqualified from holding any board position in any listed firm for a period of 3 years.

He will also pay a Sh5 million as a penalty for his involvement in the scam.

Former head of treasury Solomon Alubala has been disqualified for 10 years, fined Sh104.8 million and has had some of his property attached by the regulator.

The CMA has further recommended that criminal prosecution be taken against him.

Chris Kisire who served as the chief finance officer until April 2015 has been disqualified for three years, fined Sh1 million and also recommended for criminal prosecution

Former acting chief finance officer Wycliffe Kivunira and former chief credit officer George Jaba was will pay Sh1 million each for their involvement in the scam.

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