PIC probes Chase Bank officials over Youth Fund

472

KBC-survey-feedback-poster

By Kevin Wachira

The saga surrounding the irregular dealings at the National Youth Enterprise Fund shifted to Chase bank officials who are on the spot for negligence.

The bank officials who appeared before the Parliamentary Investment committee failed to convince MP’s why they allowed the number of signatories to be reduced without minutes from the board instructing them to alter the account signatories and pay 180 million to Quorundum limited.

Also Read  Government to set up national commodity exchange platform

The bank in its defense argued they froze the account of the private company and reported the transaction to central bank of Kenya.

Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 22163

Chase Bank director of external affairs Parmain ole Narikae submitted the banks initial reservations following a directive by the Youth Fund CEO seeking to have over 115M shillings paid from the fixed account.

Also Read  Kenya Pipeline Company says fuel contamination hurting exports

Narikae admitted the youth fund team particularly the former CEO Catherine Namuye and board chair Bruce Odhiambo pressurized the bank to actualize the payment as well as change signatories claiming the fund had an urgent payment to make.

According to Narikae the bank suspected the transaction was fraudulent and reported it to the Central Bank of Kenya.

MPs however took issue with the bank for only reporting one transaction instead of all transactions regarding the youth fund.

Also Read  Stanbic Kenya, China partner to ease imports

The bank officials were also taken to task for agreeing to change the fund signatories without confirming that it was a resolution by the board.

The bank insists it has frozen the account of Quorundum limited, even as MPs maintained the payment of over 180M shillings was done on fictitious invoices.

 

KBC-You-tube-728x90-New-2

Tell Us What You Think