Nairobi Law Monthly - - Contents - PAGE | 41

An af­fi­davit sworn by the re­ceiver man­ager claims the for­mer di­rec­tors knew of on­go­ing fraud at the bank, but ac­tively cov­ered it up for years. It is only when it got out of hand that they hur­riedly com­mis­sioned a probe and wrote a let­ter to Cen­tral Bank with a pro­posal to keep the mat­ter se­cret as they worked on a strat­egy to re­vive the bank. CBK flatly re­jected the pro­posal and put the bank un­der re­ceiver­ship in­stead.

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