Chase bank was placed under receivership after experiencing liquidity difficulties. Photo credit: File

Former Chase Bank officials have been arrested were Thursday morning and expected to face fraud charges involving Sh1.6 billion.

The three are Duncan Kabui (former CEO) and James Mwaura and Makarios Agumbi, who served the bank as General Managers, The Standard reports.

In June this year, the bank’s former Chairman Mohammed Zafrullah Khan was also arraigned in court over conspiracy to defraud the bank of similar amount. Khan pleaded not guilty to all the five criminal counts pressed against him.

Chase bank was placed under receivership for 12 months after experiencing liquidity difficulties leading to a loss of Sh686 million for the financial year 2015.

READ MORE:

CBK to pick Chase Bank buyer from 12 suitors

Sale bid signals a bigger problem at Chase Bank

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here