Connect with us

Hi, what are you looking for?

Cyprian Is Nyakundi

News

EXCLUSIVE: Equity Bank CEO James Mwangi Stole 60M From Account Under Court Order

mwangi

Caption: Equity CEO Dr. James Mwangi who  is now being accused of stealing money from an account holder.

For those who may not be in the know, Equity Bank is one of the most corrupt financial institutions in the country. The old men running that financial institution are thieves of the highest order.

A story is told of how former bank COO Julius Kipngetich was the boss at the Kenya Wildlife Service. Kipngetich influenced a tender for Equity to run the collection of rates and charges at the then Narok County Council, rumoured to run into the billions. The cartel involved current Narok County Governor Samuel Tunai.

Kipngetich was rewarded with the job at Equity Bank due to his skill at maneuvering that deal.

James Mwangi and his equally corrupt Chairman Peter Munga who are highly glorified by Bribed business journalists are now eyeing a hostile takeover of Uchumi Supermarkets where Kipngetich was planted to oversee the process.

If you think that these are delusions I’m creating, picture this. Peter Munga is a proprietor of Pioneer Schools in Muranga County, Maragua Constituency. The school wasn’t his initially, but owned by another individual who was unable to complete paying his debt. The debt was as a result of fictitious accumulation of charges done purposely by Munga to forcefully acquire the school.

James Mwangi and Peter Munga are now said to be eyeing the forceful acquisition of Thika Greens Limited, as the company is crippling with debt.

But perhaps the most daring act of impunity was Equity Bank CEO James Mwangi being Bribed by Chinese fugitive Wenjie Li aka “Mr. James” to withdraw funds from an account under court-order.

On 25th June 2015, a court order was issued in Court No. 40, Case No. Misc. 264/15 that froze the account number 1470263645797 of Catham Properties Limited, Yaya Center. The order was applied by Guo Dong, who owns 85% of Catham Properties.

But as former Chief Justice Willy Mutunga once conceded that Kenya is a bandit-economy, James Mwangi went ahead and approved the withdrawal of Kshs. 60 Million in that bank account on 4th May 2016, while the case is still in court and orders to freeze account have never been lifted.

James Mwangi and Peter Munga are very unscrupulous characters, trading with other people’s money and fleecing poor farmers who are predominantly the banks core customer-base.
But in Kenya, bribing a few journalists to look good will always ensure that you get away with virtually anything.

This article is a warning to the companies and institutions that bank with Equity Bank. Having larger-than-life pompous directors comes with a great risk, because of conflict of interest. Their work is to moonlight, instigating auctioning of properties attached to their bank, and then acquire it at a throw-away price.

If you think I’m creating my own stories, take a visit to Nairobi West. The Equity Bank branch at the shopping center is located at the house of Daniel Muchoki, an Equity Bank director and proprietor of Summerdale Hotel that’s adjacent to the branch.

Now you don’t have to be a brain-surgeon to know that it’s a conflict of interest for a director of an institution to gain from a bank in that manner. That’s the genesis of the banking crisis in Kenya. If we had a Central Bank that functions, and not a glorified priest as Governor, James Mwangi and Peter Munga should be behind bars, not using clients 9 Billion to acquire offshore firms.


Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: [email protected] Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.


Comments

comments

 
Click to comment

Facebook

You May Also Like

News

Just a day ahead of school’s reopening, disturbing reports of the sad death of a young student have taken the internet by storm. According...

Entertainment

In the wake of her ex-husband Eddie Ndichu’s assault scandal, fresh details have emerged on the culmination of events that led to the death...

News

The daughter of a formerly powerful Kibaki-era politician has sparked a conversation on social media after she requested assistance in settling her father’s huge...

News

Mwenda Mbijiwe has been missing for 4 months now. Members of a University of Nairobi Class of 2015 WhatsApp group were shocked when he...

Copyright © 2021 Cyprian Is Nyakundi.

%d bloggers like this: