While BBK's financial perfomance is nothing to write home about, Adan's actions in helping net one of the NSE's large criminals is nothing but commendable. Gavakiah was probably trying to be too clever by moving customer's money into his own account. He forgets that in countries with strong money-laundering and know-your-customer laws, a bank can become liable if it has not taken appropriate action against such occurrences. The case will hopefully prove that you can eat, but not at NSE investors' expense.
So far, Stella Kilonzo looks to be doing a good enough job and it'd be disappointing if Kimunya didn't for once do the right thing and appoint her to the job fully.
2 comments:
Barclays did their part and Nyagah MD is playing the same old guilty white collar crime defense in Kenya – get a smart lawyer and raise as much mud as possible and snare/scare as many parties as possible. You can be sure he’ll say that the NSE/CMA were appraised of the difficulties, even pumped in money – but the broker simply ran out of cash (not that it was stolen), which can happen to any company. I also wonder if any shareholders have sued Nyagah for losses, or if by doing that, it would exclude them from any payments form the receiver manager (CMA/NSE).
Banks, this case should mark the end-game for the culture of clique manipulation that has existed in the NSE.
Its sad that an intelligent money can hang his defence on the fact that somebody has made it impossible for him to be found innocent of a crime he knows he committed.
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