Why top bank officials may not go to jail over Sh8bn NYS fraud

Director of Public Prosecutions (DPP) Noordin Haji. FILE PHOTO | NMG

What you need to know:

  • DPP Noordin Haji is mulling negotiating a plea bargain with five banks and their officials.
  • This means officials of the five banks including chief executive officers implicated in failing to follow proper procedures that resulted in aiding the loss of the funds may not go to jail.
  • Bank executives and persons who are convicted for handling illicit cash, face a Sh1 million fine and a three-year jail term, while institutions including banks, credit unions facilitating such deals could be fined up to Sh20 million upon conviction. Banks could also lose their licences.

The Director of Public Prosecutions (DPP) Noordin Haji says he is mulling negotiating a plea bargain with five banks and their officials in connection with the theft of Sh8 billion at the National Youth Service (NYS).

Welcome!

You're all set to enjoy unlimited Prime content.