Print Edition - 2018-06-01  |  Money Digest

Kenya to probe 10 banks for $100m theft

NAIROBI

Jun 1, 2018-

Kenyan authorities will investigate 10 financial institutions suspected of handling funds that were stolen from the government’s National Youth Service (NYS), the Daily Nation newspaper reported on Thursday. Dozens of senior officials and business people have been taken into custody and face charges related to the theft of nearly $100 million from the youth agency. The Daily Nation named nine commercial banks and a financial co-operative society as the institutions on which the police and central bank investigators are focusing. The list of lenders included Kenya’s biggest lender by assets, KCB Group, and Standard Chartered’ s Kenyan unit. George Kinoti, the director of criminal investigations, told Reuters the list published by the newspaper was accurate. (REUTERS)

Published: 01-06-2018 08:23

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