Some Victoria Commercial Bank’s employees are demanding a probe on secret insider loans that are threatening the corrupt bank’s existence.
According to the employees that are well versed with the happenings within the bank, the management has been under-reported insider loans. Insider lending by Victoria Commercial Bank doesn’t comply with Section 11 of the Banking Act, which places restrictions on things like advances, credits and guarantees.
It is however not a secret that the management has managed to pocket Gerald Nyaoma, the director of the bank supervision department at CBK.
So corrupt is Mr Nyaoma that recent scandals in the banking industry were never followed up.
A few months ago we reported that the Central Bank of Kenya (CBK) and international monetary and security agencies were investigating African Banking Corporation (ABC) over money laundering allegations. The agencies that had focused their spotlight on the owners of the bank, deeply linked to the vice of money laundering, which happens through the bank colluded and were bribed to remain mute over the serious allegations.
Insiders reveal, during the 2017 election year, internal borrowing and money laundering due to fear of political crisis took centre stage at the Victoria Commercial Bank.
It is on these grounds, filings for the trading of the six months to June 2017 showed that gross non-performing loans and advances to customers moved from zero to Sh18.4 million, making it historic for the bank that has enjoyed an excellent credit history for over 10 years.
The Money laundering scandals at the bank are so serious that they run Chopri, a parallel bank in Indian Bank. The husband and wife who are top-notch criminals have perfected the art of mobilizing for funds from people. They usually take cash and invest in properties in Dubai, and across Africa.
CNYAKUNDI.COM has recently reorted that the two white-collar criminals throw lavish parties and Indian concerts where Indian celebrities are invited.
At the end of the day, secret insider trading at the Bank must be probed
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