NAIROBI, Kenya, Feb 14 – Four suspects linked to the ongoing investigations into financial mismanagement at the Kenya Union of Savings and Credit Co-operatives (KUSCCO), where billions of shillings were embezzled, will remain in custody pending the determination of their bail terms on February 18. The Directorate of Criminal Investigations (DCI) identified the four suspects as George Magutu Mwangi, Mercy Muthoni Njeru, George Ochola Owino, and Jackline Pauline Atieno Omolo. According to the DCI, the suspects, arraigned at the Milimani Law Courts, are facing multiple charges, including conspiracy to defraud, contrary to Section 317 of the Penal Code, and stealing by directors or officers of companies, contrary to Section 282 of the Penal Code. They are also accused of making a false document, contrary to Section 347(a), as read with
Tag Archives: Embezzlement
Jan
Decades after the liberalisation of Vietnam ’s banking sector, private banks remain tightly controlled by a handful of owners, many of whom use their banks to funnel cheap loans into their other businesses. This practice, which dates back to the early 1990s, was laid bare by the case of Truong My Lan, who became the first private businessperson in Vietnam to face capital punishment for embezzlement after she was convicted of siphoning billions from Saigon Commercial Bank (SCB) and leaving it – and Vietnam’s financial system – in a precarious position. On December 3, an appeal court in Ho Chi Minh City upheld a death sentence for Lan, the majority owner of SCB and former chairwoman of the property developer Van Thinh Phat Group. For almost a decade, Lan treated