Court spares ex-Chase Bank officials' assets
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Nairobi, May 29 -- Kenya Deposit Insurance Corporation (KDIC) has been restricted from selling or transferring properties belonging to former officials of Chase Bank, alleged to have been acquired using illicit proceeds from the collapsed lender.
High Court judge Alfred Mabeya put a freeze on the sale of the properties after ex-officials, including former chairman Zafrullah Khan, former managing director Duncan Kabui, former general manager of corporate assets James Mwaura and former general manager finance Makarios Agumbi, complained that KDIC had sold some properties to SBM Holdings and withheld information from them.
The former officials claimed what they were pursuing had dissipated due to the sale of the assets to a third party.
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