A whistleblower has linked Credit Bank CEO Betty Korir to insider money laundering and fraudulent acquisitions of property. Credit Bank CEO, Betty Maritim Korir, she's accused of insider banking fraud and money laundering schemes
We are informed that Betty Maritim Korir is a subject under probe for alleged banking fraud .
The Deputy Director, Head of Offences Against the Person Department at the Office of the Director of Public Prosecutions (DPP) Jacob Ondari has directed all sleuths to poke into allegations of Banking fraud against her.
In a letter sent to nyakundireport.com, Ondari has ordered for thorough investigation with top most priority because it is a serious complaint touching on the fraudulent acquisition of property, conflict of interest and money laundering.
DPP report indicate that Betty Korir, in a coordinated insider scheme, used a proxy firm to recieve unexplained funds from China which were disguised as a business loan.
Before being tabbed as the Credit Bank CEO in 2017, Betty Korir, a lawyer by profession, worked for Triodos Bank in the United Kingdom.
Credit Bank is a third tier lender partly owned by former Finance Minister Simeon Nyachae.
In January 2016, Fountain Enterprises Programme Group (FEP) announced plans to acquire a controlling 75 per cent stake in Credit Bank for KSh4 billion, pending approval of the Central Bank of Kenya.Background search of major shareholders at the Credit Bank Limited as of June 2019, were as follows. Credit Bank Limited Stock Ownership Rank Name of Owner Percentage Ownership 1 Nyachae’s Sansora Group 14.96 2 Sanama Investment 14.34 2 Ketan Morjaria 9.88 3 Jay Karia 8.61 4 Fountain Enterprises Programme Group (FEP) 5.00 5 Others 47.21 Total 100.00 Late 2019, Netherlands Oikocredit Ecumenical Development Cooperative Society U.A. (Oikocredit) signed a Sh1 Billion equity deal which saw Oikocredit take a minority stake in the Bank.
With Kenya, the East African giant economy being categorized as a primary concern in money laundering, the US State Department is also red flagging the increasing Financial Crimes .
In a region at the center of terrorism, money laundering, financial fraud is a great unfortunate underdoing in the war to not only disarm but also completely wipe out terrorists and terrorism financing.
Criminal activities such as transnational organized crime, cybercrime, corruption, smuggling, trade invoice manipulation, illicit trade in drugs and counterfeit goods, trade in illegal timber and charcoal, and wildlife trafficking is a thorn in an already corruption infiltrated hurting economy.