Nairobi News

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City banker charged with siphoning Sh47m over two years

A bank employee has been charged with stealing more than Sh47 million from his employer — Kestrel Capital East Africa Ltd.

Mr Abraham Kibet Too appeared before Chief Magistrate Francis Andayi on Thursday and denied two counts of stealing and handling suspected stolen property.

The prosecution told the court that Mr Too, who was arrested following investigations by the Capital Markets Authority (CMA), committed the offences jointly with others not in the court.

The court heard that he committed the offences by virtue of being an employee of the bank. He is accused of stealing Sh47, 800,000 between 2013 and 2015.

The court further heard that he had also received Sh8,521,678 in a joint account at Imperial Bank.

Mr Too was arrested on Tuesday following a report by the regulator (CMA) on suspected theft at his place of work.

According to the regulator, the theft involved a conspiracy with a Mr Timothy Kipkosgey, who was not in court at the time, in the opening of client accounts to siphon funds from the bank.

The court directed that Mr Too be released on a Sh4 million bond. The case will be heard on September 4.