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CBK to recover Sh727m stolen bonds from banker Monday April 12 2021 By JOSEPH WANGUI Summary The Court of Appeal has dismissed a petition from Jignesh Desai that sought to bar the CBK from recovering the millions of shillings. Mr Desai was accused of facilitating the opening of a bank account for Mpesha Ltd – a briefcase company –that was set up as a conduit to siphon millions of shillings from the CBK. Under the scheme, proceeds of Treasury bonds worth Sh205 million under CBA Capital and Mumbu Holdings were transferred to Mpesha Ltd in 2003. The Central Bank of Kenya (CBK) has been clear...

Central Bank of Kenya (CBK) building in Nairobi. Simon Kiragu Kenyans.co.ke A former bank manager has been ordered to pay the Central Bank of Kenya (CBK) Ksh727 million for the alleged theft of Treasury bonds. Jignesh Desai had filed an appeal seeking to halt the CBK from recovering the bonds. In his petition, he sought to bar CBK from recovering the said amount arguing that it would cause him irreparable damage. The CBK sought Ksh727 million from Desai arguing that his petition was merely a delay tactic to prevent the bank regulator from recovering the amount.  CBK Governor Patrick Njoro...