Imperial Bank shareholders implicate CBK staff in inspection report forgery

Imperial Bank Shareholders and Directors are now accusing Central Bank of Kenya (CBK) officials of forging inspection reports and doctoring board papers with the help of Imperial Bank management.

The shareholders say that they established that year on year in the CBK officials established a pattern of changing content of those final reports in order to ensure that loans approved by the Board did not appear in CBK’s inspection reports.

It is their argument that monies would be withdrawn or transferred for the benefit of those concerned adding that CBK officials were aware of and facilitated the concealment of the aforesaid fraudulent conduct.

They argue that CBK colluded with the former Managing Director   and other senior officials among who include James Kaburu and Naeem Shaah by providing the board with entirely false financial data together with regulatory reports which were doctored.

According to Non- Executive Director, Anwar Hajee, the shareholders state that deposits  that were made by the Bank’s customers  were   fraudulently transferred to various  accounts under the name  of W.E Tilley(Muthaiga) Limited.

He further says that disbursements were effected on the instructions of the Bank’s deceased former Group Managing Director Abdulamek Janmohammed and with the assistance of other senior officials of the Bank and their associates.

It is their claim that CBK continued pursue them in efforts to conceal its own involvement in the former MD’s fraud.

According to them, they operated in the basis that CBK inspection team and Imperial Bank management were both honest and straightforward in their dealings with the Board.

“The directors believed and had no reason to doubt that the Bank’s executive team and CBK had a professional and above board relationship,” said Mr Hajee.