Two top managers at KCB suspended over theft of over Ksh 320 million

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Two senior managers at Kenya Commercial Bank Chris Muiga and Collins Adipo were suspended over theft of more than Ksh 320 million.

Mr. Collins Adipo at his former office

The two, are former employees of National Bank of Kenya (NBK) which was bought by KCB then merged. They are the former head of Treasury and the manager in-charge of trading.

The were suspended early this month after NBK booked losses amounting to more Sh328 million in the month of April, May and June. Apparently, these losses were not disclosed to management until they were picked up by the audit and risk team.

Following their suspension, KCB has since appointed a team of two to investigate how the Sh328 million was lost.

A whistleblower who is a stockbroker is said to have alerted Capital Markets Authority (CMA) on very specific bonds traded by the in-charge of trading over a period of time.

It is alleged that the in-charge of trading only used two specific brokers in this trading out of all the shortlisted brokers of the bank. He also got advance knowledge of prices of bonds through in person meetings before making his trade.

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