The Director of Public Prosecutions (DPP) has charged the Chief Executive Officers of NCBA Bank, KCB Bank and Co-operative Bank with failure to report suspicion regarding proceeds of crime, contrary to Section 5 as read with Section 44(2) of the Proceeds of Crime and Anti-Money Laundering Act.
The three CEOs are expected to take plea before the Chief Magistrate’s Court on 11th August 2026, following summons issued by the court.
Today, prosecution, in relation to this case, also charged a former nominated Member of the County Assembly (MCA) with allegedly stealing Ksh. 363,420,459 from First Assurance Investment Company Limited, where he served as a director alongside Lamu Governor Issa Abdalla Issa.
Deputy Director of Public Prosecutions Nora Otieno and Principal Prosecution Counsel Willy Momanyi informed the court that the accused allegedly stole the funds between 18th May 2018 and 30th April 2024 by exploiting his position as a director and his access to the company’s bank accounts held at NCBA Bank, KCB Bank and Co-operative Bank.
Upon reviewing the evidence, the DPP approved 120 charges against the accused, comprising three counts of conspiracy to defraud, two counts of stealing, 114 counts of making a document without authority, and one count of acquisition of proceeds of crime.
The prosecution alleges that the accused forged the signature of his co-director, Governor Issa Abdalla Issa, on numerous company cheques, falsely presenting them as duly authorised, thereby facilitating the unlawful withdrawal of company funds.
The DPP further contends that the accused acquired KSh363,320,459, knowing the money constituted proceeds of crime arising from the alleged theft.
The accused pleaded not guilty before Chief Magistrate Gethi Kibiru and was released on a bond of KSh10 million with one surety of a similar amount or a cash bail of KSh3 million.
