Absa Bank Rocked by Sh1.5 Billion Scandal Over Client Data Leak, Secret Payments and Business Collapse
Source: Kenya Today
Summary
Absa Bank Kenya is facing mounting scrutiny over explosive courtroom revelations involving the disclosure of a customer's confidential financial information, questionable personal money transfers involving a senior credit officer and the collapse of a transport business that is now demanding Sh1.5 billion in compensation. At the centre of the controversy is New Mega Africa Limited, a Kenyan transport company whose operations involved hauling clinker between Kenya and Uganda for major cement manufacturers. The company has dragged Absa before the High Court in Mombasa, accusing the lender of mishandling its financial restructuring, exposing confidential banking information to outsiders and contributing to the destruction of its business. The dispute has taken a dramatic turn following testimony by former Absa senior banking official Evans Wekesa Murumba, whose account has placed the conduct of the bank's credit manager, Wycliffe Makori, under intense scrutiny. The revelations have also attracted the attention of Busia Senator Okiya Omtatah, who has demanded investigations by the Central Bank of Kenya and the Directorate of Criminal Investigations. Former Absa Manager Reveals What Happened Inside the Bank According to Murumba's sworn account, Makori contacted a third party and disclosed information about New Mega Africa's financial difficulties. The recipient was Jared Makori,...