Nairobi Law Monthly - - Contents - PAGE | 44

Di­rec­tors were made aware of the fraud­u­lent ac­tiv­i­ties tak­ing place at the bank at least two weeks be­fore CBK placed it un­der re­ceiver­ship in Oc­to­ber, 2015, the same day the bond was due to be listed at the NSE. While it is true the mag­ni­tude of the fraud was not clear at the time, they had enough in­for­ma­tion to war­rant de­fer­ment of the fi­nal­i­sa­tion of the is­sue with­out cre­at­ing mar­ket panic, but chose to pro­ceed any­way.

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