State enlists Interpol to dismantle corporate fraud network
Imperial Bank depositors during a protest in Nairobi. The collapse of corporate entities have left SMEs struggling with pending payments. PHOTO | FILE | NATION MEDIA GROUP
What you need to know:
The push to track laundered corporate cash comes in the wake of investigations of the collapse of a one-time dominant retailer Nakumatt and Imperial Bank.
Preliminary reports have revealed a massive looting of funds by executives.
The collapse of corporate entities have left SMEs struggling with pending payments for services and goods supplied, leading to job cuts.
The State will share data with international security agencies to help track laundered cash and punish corporate chiefs from private firms, Interior Cabinet Secretary Fred Matiang’i has said.
Dr Matiang’i said looting of funds by heads of retail chains and banks, who in turn invest the money outside the country, was fast becoming the norm.
