Credit Bank CEO Betty Korir who was accused of money laundering way back in May 2020 is yet to be arrested.
The Ethics and Anti-Corruption Commission (EACC) is aware that the CEO has also been associated with illegal acquisition of property.
“This is a serious complaint touching on the fraudulent acquisition of property and conflict of interest and money laundering,” Jacob Ondari, the Deputy Director of Public Prosecutions (DPP) said, as he ordered for investigations into the banking fraud, in a letter dated May 20 as quoted by a local media house.
The CEO is reported to have used another company to access the funds from China, which were cashed out in suspect circumstances disguised as a business loan.
Betty Korir, a lawyer by profession, has been at the helm of the bank for 3 years, after serving as the head of credit and the deputy CEO.
Credit Bank is a third tier lender partly owned by former finance Minister Simeon Nyachae.
As of December 2018, the bank’s total assets were valued at approximately Sh17.805 billion, with shareholders’ equity valued at Sh2.86 billion
In 2019, the bank sold 22.8 percent stake to Dutch Private equity fund Oiko Credit for Sh1 billion.
The bank has at least 17 branches countrywide.
Last year, Kenya was classified among the global money-laundering hotspots by the US government. The Sentry report has also alluded to this severally.
According to a report by the United States Department of State Bureau for International Narcotics and Law Enforcement Affairs, the state of affairs in the country are instigated by lack of controls on terrorism financing.
“Kenya remains vulnerable to money laundering and financial fraud. It is the financial hub of East Africa, it’s banking and financial sector in sophistication, and it is at the forefront of mobile banking,” read the report in part published last year.
The reports state that the laundering is deep-rooted in both the formal and informal sectors. maneuvering and escaping the government eye. It is orchestrated through criminal activities like transnational organized crime, cybercrime, corruption, smuggling, trade invoice manipulation, illicit trade in drugs and counterfeit goods, trade in illegal timber and charcoal and wildlife trafficking.
Before joining Credit Bank, Ms Korir worked for Triodos Bank in the United Kingdom.
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