A Nairobi court has given prosecution one month to supply five senior managers of Imperial Bank accused of conspiring to defraud the financial institution Sh29 billion through illegal overdraft disbursement scheme with all witness statements.
When the case came up for hearing on Wednesday before trial magistrate Joyce Gandani, the accused Naeem Shah, James Kaburu, Nashir Jessa, Zulfikar Jessa and Nargis Jessa claimed the prosecution has refused to give them copies of witness statements and other documents evidence in the case.
The magistrate gave the prosecution until August 11, to supply the defence with the said documents before setting the hearing date. This followed a request by senior State Counsel prosecuting the case, Victor Mule who pleaded that the prosecution be given more time since the documents are bulky.
She ordered the accused to meet the costs of transporting the documents that the prosecution informed the court that they will be relying on during the trial. All the accused are out on cash bail of Sh3 million each. The accused have also denied charges of engaging in organised criminal activities, fraudulent accounting by officers, theft and money laundering.
Prosecution alleges that senior Imperial Bank officials allegedly siphoned Sh34 billion from the institution that was placed under receivership on September 2015.
The accused are charged that on diverse dates between January 1, 2006 and September 15, 2015 at Imperial Bank Limited headquarters in Nairobi, they jointly with others not before court conspired to defraud the said bank, which is currently on receivership and it’s depositors Sh29 million through irregular overdraft disbursement scheme.
They were also charged with engaging in organised criminal activities by acting in concert with others in the commission of a serious offence namely stealing for the purpose of obtaining financial benefits between August 30, 2010 and September 15, 2015.
Shah and Kaburu separately are charged that being officers of the same bank employed as the head of credit and head of finance /chief finance officer respectively made false entries in the bankers books of Imperial Bank in receivership. The rest accused persons are accused of stealing Sh 29 billion and money laundering in the Bank.