Warrant of arrest issued against 5 Dubai Bank managers

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By KBC Reporter

A Nairobi Court has issued a warrant of arrest against five senior managers of collapsed Dubai Bank for failing to honor summons to appear in court.

The five had been summoned to the court to answer to three different counts relating to stealing and money laundering.

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The office of the Director of Public Prosecution had moved to the court to have them charged for their role in bringing down the banks mid this year.

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The managers being sought after include Abdul Zubedi, Ali Bashir , Prof. Wilson Hassan, Butta Kumar and Kumar Bhagel.

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The Bank was placed under receivership in August this year after failing to meet its obligations and for flouting regulatory rules.

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The banks had failed to pay its debtors for three years before taking the final blow.

It was finally liquidated after its appointed receiver the Kenya Deposit Insurance Corporation recommend that it could not be salvaged due to its weak financial base.

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