‘A wave of deceit’ costs Mbaru firm, CfC Stanbic Bank Sh418m

Dyer & Blair Investment Bank owner Jimnah Mbaru. The investment firm and CFC Stanbic Bank are to pay a former director of the Kenya Commercial Bank (KCB) - over Sh300 million plus interest at 16 per cent per year from October 21, 2007 to date for under-declaring his returns on investment. PHOTO | SALATON NJAU | NATION MEDIA GROUP

What you need to know:

  • However, just as at the first maturity of the State paper reached, Mr Kiaire started having problems with his employer and a criminal case ensued.
  • Evidence adduced shows that the account continued to be drawn in what the court concluded Mr Kiarie’s money was being actively traded with by the two institutions.

An investment bank owned by businessman Jimnah Mbaru and a South African bank have been ordered to pay an investor about Sh418 million arising from what the High Court termed as “a complicated wave of deceit” perpetuated by the two companies.

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