MP Patrick Musimba, wife freed in Sh1bn Chase Bank fraud case
1 months ago, 20 Sep 12:52
Kibwezi West MP Patrick Musimba and his wife Elizabeth Mwende have been granted a cash bail of Sh5 million each after being charged with six counts of stealing, money laundering and fraud.
The two have denied stealing over Sh1.15 billion from collapsed Chase Bank on diverse dates between January 25, 2015 and March, 2016.
They have also denied charges of money laundering for allegedly transferring irregularly acquired Sh740 million and Sh409 million from Chase to Kenya Commercial Bank and Paramount Bank.
The couple allegedly transferred the funds through their companies, Porting Acess and Itecs Limited.
They were charged alongside the former chairman of the collapsed bank Mohammed Zafrulla Khan and several co-workers who have been released on Sh2 million cash bail each.
Mr Khan, who is facing similar charges, has been allowed to travel to the United States for a heart surgery and is set to return on November 22 this year.
Mr Khan and his lawyer Cecil Miller will appear in court on Friday for examination of his surety who will ensure he returns after travelling to the U.S.
The MP and his wife had been held in remand since Monday when remanded since Monday after an arrest warrant was issued against them.
In granting them their freedom, Senior Resident Magistrate Hellen Onkwani said bond is a constitutional right.
The court will rule on Mr Khan's bond application on Monday.
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