New twist as PAC summons 17 banks over Sh1.6bn NYS scam
Chairman Gumbo says the financial institutions will appear before House team or send written submissions to explain the nature of transactions they carried out
The Public Accounts Committee has decided to broaden its probe into the theft of Sh1.6 billion NYS cash following fresh details linking 17 more banks to the payments.
This brings the total number of banks involved in the transmission of the NYS proceeds to 28. Eleven of them have been cleared. The banks hold domain accounts for hundreds of companies contracted by NYS as suppliers and are said to have transacted the sums paid to the firms since 2013.
PAC chairman Nicholas Gumbo yesterday said the committee will request the DCI and the EACC to look into the transactions. “We’re talking about figures probably never heard in this room, running into billions of shillings,” he said at a press conference at Parliament Buildings.
More than 100 firms were involved in the NYS scam. The banks named so far include Equity Bank, Diamond Trust Bank, Standard Chartered Bank, Kenya Commercial bank, Cooperative Bank, Barclays Bank, Consolidated Bank of Kenya, First Community Bank, Bank of Baroda, I&M Bank, Transnational Bank, National Bank, NIC Bank and Chase Bank.
Others are Bank of Africa, Housing Finance, Jamii Bora, Sidian Bank, Commercial Bank of Africa, Fidelity Bank, Eco Bank, CFC Stanbic, Old Mutual Bank and African Bank Corporation.
Gumbo said the financial institutions will have to appear before PAC