FAMILY BANK TO PLEAD GUILTY TO SH1.6 BILLION NYS MONEY LAUNDERING CASE..

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BY SAM ALFAN.

Family Bank and its senior managers have agreed to plead guilty to money laundering charges in relation to the Sh1.6 billion scam at the National Youth Service (NYS).

In a statement filed before chief magistrate’s court in Milimani, the Bank agreed to enter into a plea bargain agreement with the Director of Public Prosecution.

In the plea agreement filed in court on Monday 17, bank through its CEO John King’ori is expected to plead guilty to six counts of failure to report transactions equivalent to or exceeding 10,000 US dollars.

The transactions are alleged to have been made by Josephine Kabura, a prime suspect in the NYS scam.

According to the agreement, if the bank rejects his plea of guilty, the plea agreement shall be rendered null and void and no party shall be bound by it.

The Bank has further agreed to pay Sh64,500,000 as fine for the six counts, their senior managers face. If agreed the amount will be dispersed to NYS and part will remain as court fine.

The Bank has proposed to send Sh24,500,000 which will be deposited into account of NYS and the balance of Sh40 million will be deposited as court fine.

“The accused persons is entering into this plea agreement and is pleading guilty freely and voluntarily without promise or behalf of any kind,” reads the plea agreement.

“If the accused person-(the bank) fails to comply with the terms and conditions set forth in the plea agreement, the state may fully prosecute the bank on all criminal charges that can be brought against it,” reads part of the agreement.

The agreement is dated December 11, 2018 and signed by secretary public prosecutions Dorcas Oduor.

Trial Magistrate Francis Andayi has directed the DPP to supply the Kingori and his co-accused with the agreement before Thursday when they are expected to be in court.

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