This archive report was first published on 9 August 2019.
On 24th July, Standard Chartered Bank was at the center of a money laundering scandal involving the Arror and Kimwarer Dam projects. According to court documents, the bank's account holders applied to transfer Sh734.5 million to Azepco General Trading Company Limited in Dubai, a company suspected to be linked to the dam scandal.
The money, which belongs to Stanlib Wealth Amanah Property Limited, is under investigation by the DCI for money laundering. However, the owners of the company have not been arrested or charged in court.
It is also suspected that Azepco General Trading Company received 5.8 Million Euros from an Italian firm, CMC DI Ravenna, which is believed to be deeply involved in the dam scam.
Standard Chartered Bank becomes the latest entity to be linked to the multibillion-shilling Kimwarer and Arror dams' scandal, which has seen Treasury CS Henry Rotich and his PS Kamau Thugge, along with other 24 government officials, charged with over 24 charges, including abuse of office and conspiracy to defraud.
