Peter Munga, alongside the logos of Britam Insurance and HF Group.
Dr Peter Kahara Munga together with his children Alex Kierne Munga and his daughter Beth Nyambura Munga run a complex and powerful criminal enterprise even as Dr Munga continues to serve on the board of Britam Insurance and Housing Finance of Kenya (HF) group.
His children continue to serve as directors of Britam Rwanda and Britam Mozambique with the full knowledge of their fellow board members, despite them in their own personal capacity and their companies, not being in good standing with various financial institutions and in addition to all of them being listed at the Credit Reference Bureau (CRB) which is contrary to the law.
I request the Governor of the Central Bank of Kenya Mr Peter Njoroge and the Directorate of Criminal Investigations to initiate investigations into this blatant attempt to defraud the long-suffering Chase Bank Depositors and also to investigate the role and conduct of the CEO of Kenya Deposit Insurance Corporation (KDIC) who seems to have decided to act with impunity and in a manner that can only be described as dereliction of duty and willful failure to protect the resources of Chase Bank depositors in this blatant attempted daylight robbery.
I further request the two institutions, CBK and DCI to dismantle the criminal enterprise run by Dr Munga at HF Group and Britam before both these companies and their shareholders find themselves in the same position as Chase Bank depositors.
It would indeed be a sad day in Kenya if this was to happen under your watch.
On August 17, 2018, 75 per cent of the value of deposits at CBLIR and 75 per cent of the value of assets were carved out and transferred to SBM Bank Kenya Limited. KDIC continued managing the remaining 25 per cent of the value of deposits along with other assets and liabilities that remained in Chase Bank Limited. Subsequently, on April 16, 2021, CBK appointed the KDIC as the liquidator of Chase Bank Limited in terms of Sections 53(2) and 54(1)(a) of the Kenya Deposit Insurance Act, 2012.
The main mandate of KDIC in the liquidation of Chase Bank Limited is to facilitate the orderly resolution of the residual assets and liabilities of the bank in accordance with the Laws of Kenya.
KDIC is also mandated to protect the interest of Chase Bank Limited depositors, its creditors, and the wider public interest. READ: Peter Munga’s firm, Equatorial Nuts Processors pays staff after Cyprian Nyakundi’s exposé Among the outstanding unpaid loans at the looted Chase Bank, which also makes up about 10 per cent of the value of the money owed to Chase Bank’s depositors are more than Ksh 2 Billion. This is money owed by one person, Dr. Peter Kahara Munga and his companies where he is the beneficial owner, through businesses he controls namely, Equatorial Nut Processors and St. Paul Thomas Academy. Illegal loans Dr Munga illegally obtained all this money belonging to Chase Bank depositors in the form of multiple illegal loans through the help of Duncan Kabul the former CEO of Chase Bank Limited.
Mr Kabul unilaterally approved the loans without adequate security provided by Dr Munga.
Since the collapse of Chase Bank Limited more than 5 years ago, Dr Munga has made no significant attempts to pay back these monies and instead has endeavoured to conspire with the help of a Mr Patrick Gakana of Interfirst Financial Consultants and who is also a former Central Bank of Kenya employee and the CEO of KDIC Mr Mohamud to defraud Chase Bank Limited by escaping paying back the whole amount of money owed to Chase Bank Limited depositors and or pay back 1/8 of this total amount he owes. This is as evidenced by the various correspondences attached between KDIC and Mr Peter Kahara Munga.
Since April 16, 2021, when CBK appointed KDIC as liquidator of Chase Bank Limited, this conspiracy to defraud and steal from Chase Bank depositors is in high gear and is in its final stages of completion. Dr Munga also serves as a member of the board of directors at both Britain and HF Group, together with his son Alex Kieme Munga who is a director of Britain Rwanda and his daughter Beth Nyambura Munga who is a director of Britain Mozambique, his companies Equatorial Nut processors limited, St Paul Thomas Academy and Kiewa Limited are all listed at the credit reference bureau (CRB).