Former Chase Bank Chairman Released on a Sh.2 Million Bond

By Vera Shawiza / July 6, 2017




Former Chairman of Chase Bank Kenya Zafrullah Khan has finally been released after posting a 2 Million shillings’ bond.

This came after a Nairobi court agreed to lower Mr. Khan’s cash bail to 2 million shillings. He has been in jail for the past nine days.

Originally, the court had ordered Mr. Khan to deposit two Kenyan sureties totaling to 60 million shillings for him to secure his freedom. Through lawyer Cecil Miller, the “banker” told the court that he was ill and could not meet the bail terms imposed on him, saying they were too harsh.

Last week, Mr. Khan was charged with conspiring to defraud depositors of 1.7 billion shillings and is also under investigation over allegations of accounting irregularities, theft, money laundering and his role in the bank’s collapse in April 2016.

Troubled Chase Bank had sued its former chairman and former senior managers seeking to recover billions of shillings they have been accused of illegally siphoning from the lender during their more than a decade at the helm.

The bank, in a suit which had been filed through its lawyer Philip Murgor, says former chairman Zafrullah Khan, former managing director Duncan Kabui, former general manager corporate assets James Mwaura and former general manager finance Makarios Agumbi used their positions to illegally acquire and benefit from the bank’s assets it now seeks to recover.

Chase Bank further accused Mr. Khan of living a flashy lifestyle off plum bank accounts and prime real estate property he acquired using illicit proceeds from the collapsed lender.

In the same suit, the bank stated that, aside from being a calculative investor with a large portfolio in many sectors of the economy, the former chairman also had a taste for luxury, offering as evidence his ownership of two Sh60 million shillings’ top-of-the-range cars — a limited edition Corvette and a Ferrari Dino.

The vehicles were registered in his wife Shehla Khan’s name, who also received 3.5 million shillings for upkeep, which Chase Bank now says was illegally withdrawn from its Central Bank of Kenya settlement account.



About Vera Shawiza

Vera Shawiza is Soko Directory’s in-house journalist. Her zealous nature ensures that sufficient and relevant content is generated for the Soko Directory website and sourcing information from clients is easy as smooth sailing. Vera can be reached at: (020) 528 0222 or Email: [email protected]okodirectory.com

View other posts by Vera Shawiza


More Articles From This Author







Other Related Articles








SOKO DIRECTORY & FINANCIAL GUIDE

ARCHIVES

2018
  • January 2018 (291)
  • February 2018 (220)
  • March 2018 (279)
  • April 2018 (226)
  • May 2018 (240)
  • June 2018 (178)
  • July 2018 (168)
  • 2017
  • January 2017 (183)
  • February 2017 (195)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (206)
  • July 2017 (190)
  • August 2017 (196)
  • September 2017 (186)
  • October 2017 (236)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (167)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (246)
  • June 2016 (183)
  • July 2016 (271)
  • August 2016 (250)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (154)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (109)
  • May 2015 (117)
  • June 2015 (121)
  • July 2015 (150)
  • August 2015 (157)
  • September 2015 (189)
  • October 2015 (171)
  • November 2015 (174)
  • December 2015 (208)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950