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Ex-Chase Bank boss gave his firms Sh1bn unsecured loans - 3 weeks ago, 21:58

Richard Munguti

The former chairman of the collapsed Chase Bank advanced companies associated with him loans amounting to over Sh1 billion without securities, a court heard yesterday.

Testimony presented before senior principal magistrate Martha Mutuku showed Mohammed Zafrullah Khan did not repay the loans advanced to Colnbrook Holdings Limited and Camellia Investments Limited between 2012 and 2015.

The magistrate heard that Mr Khan did not provide loan securities, details of directors and the financial standing of the companies when seeking the loans.

A former senior credit manager at Chase Bank, James Kinuthia Njoroge, said on Tuesday that Camellia had not repaid an unsecured loan of Sh603,218,124 when the bank was put in receivership in April 2016.

He was testifying in a suit where Mr Khan and 10 others, including the bank’s senior managers, face nine charges, among them, stealing by a director and failing to comply with anti-money laundering procedures.

The bank has since been bought by ...
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