@StandardMedia

MP in Sh1.1b fraud case released

2 months ago, 20 Sep 16:51

By: Faith Karanja

Kibwezi West MP Patrick Musimba and his wife Angela Mwende were Thursday released on Sh 2 million cash bail.

Appearing before Senior Residence Magistrate Hellen Onkwani for bail ruling, they were ordered not to leave the country without the court’s permission and to deposit their traveling documents.

“The accused has a constitutional right to be released on bail, I will also lift the warrant of arrest that was in force because they have presented themselves before the court for plea taking,” said Onkwani.

They were charged alongside former Chase Bank boss Mohammed Zafrula Khan and five others with conspiracy to defraud Chase Bank of Sh1.1billion.

The other accused are Duncan Kabui (former Chase Bank MD), James Mwaura Mwenja (ex-General Manager, Corporate Credit) and Makarios Omondi Agumbi (former General Manager of Finance).

According to the charge sheet, the accused face four counts of conspiracy to defraud, steal and money laundering.

They allegedly conspiredg to defraud Chase Bank by irregularly disbursing Sh 1.15 billion to two companies: Porting Access Limited and Itecs Limited between January 23, 2015 and March 31, 2016

Khan, Kabui, Mwenja and Agumbi are accused of laundering Sh740,442,687.20. The prosecution said they were aware the money formed part of crime proceeds on similar dates and place.

They are said to have withdrawn the cash from a Chase Bank internal account and facilitated its transfer to two accounts at Paramount Universal Bank.

The court directed the prosecution to give the position of Lucien Sunter and Petrus, who did not appear in court, on September 20, when the matter will be mentioned.

Musimba pleaded not guilty on behalf of Porting Access and Itecs companies.

The MP and his wife had been held in remand since Monday after an arrest warrant was issued against them.


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Category: business news

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MP in Sh1.1b fraud case released

2 months ago, 20 Sep 16:51

By: Faith Karanja

Kibwezi West MP Patrick Musimba and his wife Angela Mwende were Thursday released on Sh 2 million cash bail.

Appearing before Senior Residence Magistrate Hellen Onkwani for bail ruling, they were ordered not to leave the country without the court’s permission and to deposit their traveling documents.

“The accused has a constitutional right to be released on bail, I will also lift the warrant of arrest that was in force because they have presented themselves before the court for plea taking,” said Onkwani.

They were charged alongside former Chase Bank boss Mohammed Zafrula Khan and five others with conspiracy to defraud Chase Bank of Sh1.1billion.

The other accused are Duncan Kabui (former Chase Bank MD), James Mwaura Mwenja (ex-General Manager, Corporate Credit) and Makarios Omondi Agumbi (former General Manager of Finance).

According to the charge sheet, the accused face four counts of conspiracy to defraud, steal and money laundering.

They allegedly conspiredg to defraud Chase Bank by irregularly disbursing Sh 1.15 billion to two companies: Porting Access Limited and Itecs Limited between January 23, 2015 and March 31, 2016

Khan, Kabui, Mwenja and Agumbi are accused of laundering Sh740,442,687.20. The prosecution said they were aware the money formed part of crime proceeds on similar dates and place.

They are said to have withdrawn the cash from a Chase Bank internal account and facilitated its transfer to two accounts at Paramount Universal Bank.

The court directed the prosecution to give the position of Lucien Sunter and Petrus, who did not appear in court, on September 20, when the matter will be mentioned.

Musimba pleaded not guilty on behalf of Porting Access and Itecs companies.

The MP and his wife had been held in remand since Monday after an arrest warrant was issued against them.


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