Kenyan bank CEOs charged in €2.4m company theft probe

The chief executives of three of Kenya’s largest banks have been charged with failing to report suspicious transactions in a case linked to the alleged theft of more than 2.4 million euros from an insurance company, Kenya’s public prosecutor said Wednesday.

The CEOs of NCBA, KCB and Co-operative Bank are due to appear in court on August 11 to enter pleas, the Office of the Director of Public Prosecutions said.

Prosecutors said the executives were charged with “failure to report suspicion regarding proceeds of crime”. The case centres on accounts belonging to First Assurance Investment Company Limited.

The prosecutor’s office said one of the company’s directors, Salim Mohamed Busaidy, has been charged with 120 offences linked to the case. He is accused of forging another director’s signature on numerous cheques to facilitate the illegal withdrawal of company funds.

Busaidy faces multiple charges, including fraud, theft and forgery. Kenya’s Directorate of Criminal Investigations said he allegedly diverted the funds between May 2018 and April 2024 and used money to buy vehicles and other assets.