Imperial Bank directors freed on Sh18m cash bail

Mr Naeem Shah (right), James Kaburu and Nasir Jessa in a Nairobi Court on March 29, 2016 where they were charged with conspiracy to defraud Sh29 billion through an irregular and illegal overdraft disbursement scheme at Imperial Bank. PHOTO | PAUL WAWERU | NATION MEDIA GROUP

What you need to know:

  • The presiding magistrate Ms Joyce Gandani directed that three of the suspects pay Sh5 million each with alternative bonds of Sh5 million while two others pay Sh3 million each.
  • It is claimed that the accused, conspired to defraud the bank, now in receivership, and its depositors approximately Sh29 billion through an irregular and illegal overdraft disbursement scheme.

Five senior managers of the collapsed Imperial Bank facing a Sh29 billion fraud case have been released on cash bails totalling Sh18 million.

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