KENYA: Rogue employees of the Central Bank of Kenya are believed to have stolen hundreds of millions of shillings in currency notes earmarked for destruction. This follows the discovery of major lapses in security procedures thought to be part of a well-planned conspiracy that has been at work for years. Sources say top officials at the supreme watchdog of financial transactions in the country, have no way of knowing how much was lost in the secret robberies. CBK officials who spoke to The Standard on Saturday described a scam that seems right out of a Hollywood movie. Executed in secret, the racket appears to have involved individuals working in at least five different sections of the bank. Each part of the gang involved in the heist manages different stages of the crime, cooperating to ensure the untraceable loot leaves the bank safely. Investigations by a foreign consultant unearthed the existence of the aged notes pipeline this year and have led to several staffers being demoted. No criminal charges have been brought against anyone, with our sources saying the bank was keen to avoid the bad publicity a prosecution would attract. Controversial contract The conspirators are suspected to have stolen millions at a time in ‘old and damaged notes’ earmarked for destruction. With the process repeated every few months and the money stolen being virtually untraceable, they are thought to have raked in hundreds of millions, possibly billions. Credible sources at the bank warn that the security failures that made the crimes possible have yet to be fixed and more money could easily be stolen. When asked about the losses, Assistant Commissioner of Police George Kinoti, who is also the assistant director of security services at CBK countrywide, said the matter was “settled”. “Investigations have been done as we speak and appropriate action was taken,” he said. “In fact, the bank is in the process of procuring an up-to-date system to ensure that the security of the bank is as tight as it can possibly get,” he added. Pressed for details on what action had been taken against the suspects, Kinoti stuck to the general assertion: “Following the conclusion of the investigations, action was taken against those culpable in accordance with the law.” The matter is likely to arise in Parliament. Benjamin Lagat, the chairman of the House Finance Committee, said his team is aware of the goings- on at the bank.
Posted on: Sat, 03 Aug 2013 08:20:21 +0000
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