Imperial Bank managers, fish firm owners charged with Sh29bn theft

From left: Zulfikar Jessa, Nasir Jessa, James Kaburu and Naeem Shah in court yesterday where they were charged with conspiracy to steal Sh29 billion through an irregular overdraft disbursement scheme at Imperial Bank. They denied the charges. PHOTO | PAUL WAWERU 

By ABIUD OCHIENG, aawiti@ke.nationmedia.com

In Summary

• Imperial Bank’s head of credit, Naeem Shah, chief finance officer James Kaburu and the directors of W.E. Tilley Ltd denied the five counts of theft preferred against them and were released on police bonds.

Two former managers of troubled Imperial Bank and three directors of a private company accused of receiving a large proportion of stolen funds from the lender were Wednesday charged with theft at a Nairobi court.

Imperial Bank’s head of credit, Naeem Shah, chief finance officer James Kaburu and the directors of W.E. Tilley Limited — the Nairobi-based fishmonger that confessed to receiving a third of the looted cash — denied the five counts of theft preferred against them and were released on police bonds.

The accused were charged with the theft of Sh29 billion from Imperial Bank or more than 80 per cent of the Sh34 billion that the bank’s former chief executive, Abdulmalek Janmohamed, is said to have stolen in 10 years.

Nashir Haiderali, the majority owner of W.E. Tilley (with 99 per cent stake), and fellow directors, Zulfikar Haiderali Jessa and Nargis Aziz Jessa were charged with conspiracy to defraud, engaging in an organised criminal activity, fraudulent accounting, theft and money laundering. They denied all the charges.

The accused were given police bonds that allowed them to remain free until this morning when the court will rule on their application to be released on bond.

Prosecutors have listed four witnesses, including two Imperial Bank managers Anil Shah (head of internal audit) and Ikua Gacheche (head of human resource), in support of their case.

Peter Gatere, who served as receiver manager of Imperial Bank, and Banking Fraud Investigations Unit deputy head Bruno Isohi Shioso are lined up as witnesses against the suspects.

Mr Shah took over as Imperial Bank’s acting managing director while Mr Kaburu was promoted to deputy managing director following Mr Janmohamed’s death last September.

Mr Janmohamed, the long-serving Imperial Bank’s managing director, is accused of fraudulently transferring Sh34 billion from the bank to his companies and bank accounts between 2002 to September 15, 2015 when he died.

W. E. Tilley has admitted to receiving Sh10 billion from the bank and has expressed readiness to return the loot, according to court documents.

READ: Firm that stopped Dubai Bank wind-up named in Imperial row

The firm has featured in a series of banking scandals, including the collapsed Charterhouse Bank in 2006, where it was a large depositor.

Victor Mule, a senior assistant director of public prosecution, had urged the court to issue a bond while taking into consideration the fact that the amount of money involved is colossal and left many depositors in pain.

It is claimed that the accused conspired to defraud the bank, now in receivership, and its depositors of Sh29 billion through an irregular and illegal overdraft disbursement scheme.

The prosecution said the offence took place between January 1, 2006 and September 15, 2015.