On Wednesday a case began in the Commercial Court to recover assets siphoned out of Chase Bank.
Chase Bank collapsed in April 2016 when fraud became evident. Properties on the bank’s balance sheet were owned by Special Purpose Vehicles in the names of various shareholders, including the former chairman Zafrullah Khan.
Khan plundered the bank shamelessly. The bank bought him a Sh600 million apartment in Dubai and a Sh210 million house in the USA. His wife was bought a Ferrari for Sh45 million. He received over Sh2 billion from the bank.
There are billions of non-performing loans from top politicians and cronies of the bank.
Last year the CBK was accused of closing Chase down prematurely. It now appears that they left it too late.
This should be a criminal case, not a civil one. A bank cannot just withdraw deposits to buy goodies for the shareholders.
The DPP should urgently investigate. At face value, it appears that there is a clear case of criminal wrongdoing.
