CBK Deputy Governor Accused of Corruption in the Imperial Bank Saga

….Strong forces seem determined to have Imperial Bank liquidated but at whose benefit?

All is not well at Central Bank of Kenya with the top leadership said to be pulling in different directions and it has all to do with the issue of Imperial Bank.

Central Bank of Kenya Governor Dr. Patrick Njoroge and his deputy Sheila M’Mbijiwe have had a frosty relationship following rumours that The Deputy Governor is the beneficiary of a bribe from parties with an interest in Imperial Bank and who don’t want it to re-open for selfish reasons.

Word has it that Sheila could have received a Sh38 million bribe from Amin Manji and Firoze Jessa. Amin is a confidant, friend and business partner of the late Abdulmalek Janmohamed. He was also the Advisor of Janmohammed’s Mauritius-based Trust Fund. Firoze Jessa, on the other hand, is a Director of W.E. Tilley, a firm that has been mentioned adversely in the Imperial Bank issue.

According to a source, the money was paid to the Deputy Governor through one one of her Personal Assistants account. It is also said that she had her house renovated by the duo. Notably, Amin is an investor in the real estate sector with interest in Pam Golding Company.

The Governor, a man known to operate above board, is said to have hit the roof about the whole rumour that has sent tongues wagging in the financial sector. Dr. Njoroge, a new comer to the system, realied heavily and considered his deputy a key ally in cleaning up the rotten CBK system and always fronted her where political goodwill is needed.

A recent article published by Business Daily on Tuesday, July 19^th, quoting a leaked FTI Report suggested that W.E. Tilley exposed the bank to a hole of Sh28 billion where Sh5.6 billion was net outflows and the rest were interests accrued, penalties and other charges over a 9 year period.

The bribers are working to frustrate Imperial Banks efforts. For them, it would work better if the bank is liquidated because that will mean all the evidence that could place them in position of blame for the bank’s collapse disappears. It is not possible to prosecute someone over an institution that has been liquidated.

“If the bank is to survive then the whole truth including those who played a role in the collapse will be traced and it will spell doom for them because their assets will be frozen and the taxman now has reasons to go after them. It is not a surprise that there is a web of bribery going on in the background,” said s source.

This is a story that is still developing….