How Youth Enterprise Development Fund Court Case Exposed the Unethical Side of KCB

In 2018, KCB was fined 149.5 million by CBK for failing to report suspicious transactions relating to the theft of the National Youth Service (NYS) funds. In the same 2015, KCB advanced Deputy President of Kenya William Ruto a suspicious loan of Ksh. 1.25 billion courtesy of a dubious title deed that belongs to his Weston Hote

By The Weekly Vision Online

The just-concluded case touching on Youth Enterprise Development Fund (YEDF) has further exposed the unethical side of Kenya Commercial Bank. The anti-corruption court last week fined a businessman Mukuria Ngamau KSh.881 million for defrauding the Youths Fund millions out of shillings.

Part of the looted Ksh.180 million passed through KCB bank accounts held by several individuals and companies, the bank’s management never raised any alarm to the market regulator, CBK. Kenya Commercial Bank has a long-running lucrative consultancy contract on business and financial management for capacity building to YEDF loan beneficiaries.

Mr Abdi Mohammed of A/C number 1123920761, Simis Engineering and Construction Ltd A/C number 1134166613 and Gigtych Africa Ltd A/C number 1154048411 were some of the main beneficiaries of the looted funds.

Joshua Oigara, the KCB Group CEO/MD is a close friend of the DP and it is alleged that he’s tipped to become the next CBK Governor if DP Ruto ascends to power after August 2022 presidential elections

In 2018, KCB was fined 149.5 million by CBK for failing to report suspicious transactions relating to the theft of the National Youth Service (NYS) funds. In the same 2015, KCB advanced Deputy President of Kenya William Ruto a suspicious loan of Ksh. 1.25 billion courtesy of a dubious title deed that belongs to his Weston Hotel, a hotel built on land belonging to the Kenya Civil Aviation Authority (KCAA)

In 2020, KCB was again in the news after the financial institution was implicated in the infamous COVID-19 billionaire’s scandal by none other than David Murathe, the vice-chair of the ruling Jubilee Party and a close Political adviser to president Uhuru Kenyatta.

Joshua Oigara, the KCB Group CEO/MD is a close friend of the DP and it is alleged that he’s tipped to become the next CBK Governor if DP Ruto ascends to power after August 2022 presidential elections. This explains why DP Ruto and his allies have free access to KCB funds.

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