BANK DIRECTOR ‘EMBARRASSINGLY’ ARRESTED ON WAY TO A FAMILY OUTING.

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Suspended National Bank of Kenya Managing Director Munir Sheikh Ahmed .
BY SAM ALFAN.

Suspended National Bank of Kenya Managing Director Munir Sheikh Ahmed will appear before the banking fraud unit where he be given bond as police commence their investigation.

Munir was ordered to deposit his passport with the police.

His lawyer Paul Muite complained in the manner Munir was arrested by the police from the place as embarrassing and promised to file a petition against the head of fraud unit.

Police upon completion of their investigations the file will be forwarded to the office of the director of public prosecution for directions.

The former CEO was arrested at Jomo Kenyatta International Airport by police on his way to a family outing abroad.

He was sent home on the eve of the National Bank’s announcement of a surprise net loss of about Sh1.15 billion for the period of December 2015, from a previous net profit of Sh2.25 billion in the nine months endedSeptember 20.

The bank, which made an after-tax profit of Sh871 million in 2014, blamed the record loss on a mounting volume of bad loans, for which it traded its guns on its senior managers.

Munir has also listed some of his achievements at the helm of the NBK as product diversification, cutting expenses to improve the bank’s cost income ratio, balance sheet growth and use of technology to improve operations.

The bank’s board of directors had on March 29, directed Mr Ahmed and five other managers to “immediately proceed on leave pending investigations into the loss.”

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