BY SAM ALFAN .
Savannah Cement boss to remain in custody pending ruling on whether he will be released on bail or after he was charged with conspiracy to defraud Absa Bank over Sh4 billion
Benson Sande Ndeta appeared before Milimani Principal Magistrate Gilbert Shikwe and denied charges.
Sande is charged alongside Charles Hills Jr who did not plead to the charges.
Sande and Hills Jr are accused that on diverse dates between 27th day of February 2017 and 24th day of January 2018, jointly, with intent to defraud, conspired to defraud USD 35,000,000(4.5 billion) from ABSA Bank formerly Barclays Bank of Kenya purporting to act on behalf of Savannah Ce- ment Limited.
Prosecution told the court that on unknown dates, Sande with the intent to defraud, without lawful authority or excuse jointly with another not before court, made an extract of minutes of Savannah Heights Limited purporting it to be from Savannah Cement Ltd a fact you knew to be false.
Sande is also accused that on the gª day of May 2018, at ABSA Bank Kenya PLC, Headquarters in Nairobi, knowingly and fraudulently uttered forged cooperate guarantee loan security documents namely Guarantee and indemnity to Christine Mwende Nzau, a Corporate Relationship Manager, purporting it to be from Savannah Cement Ltd, a fact he knew to be false.
Prosecution told the court that on diverse dates between 27th February 2017 and 9th May 2018, Hills Jr with the intent to defraud, forged a certain document namely Extract from the minutes of a meeting of the board of directors of Savannah Heights Ltd held on 24th day of Jan- uary 2018 purporting himself to be the chairman of Savannah Heights Ltd.
Hills Jr is accused that on diverse dates between 27th February 2017 and 9th May 2018 with the intent to defraud, forged a certain document namely Subordination Agree- ment dated 9th May 2018 between Savannah Heights Ltd, Seruji Ltd and Savannah Cement Ltd purporting himself to be a director of Savannah Heights Ltd.
Prosecution opposed the accused to be released on bail arguing that DCI through its investigating officers revealed that the accused forged transaction documents were used to secure a loan facility of USD dollars 35,000,000.
Police told the court that the accused fraudulently signed and affixed the company seal on subordination agreement, a guarantee and indemnity and a term loan commercial terms for a loan facility of USD 35,000,000
“All questioned documents were subjected to forensic analysis and the document examiner confirmed that the Respondent did sign the subject documents. The forged security documents facilitated approval and release of a loan facility sum of US dollars 35,000,000 by Barclays Bank of Kenya Ltd for the financing of Savannah Cement Ltd Factory’s expansion project without consent of other directors,”prosecution told the court.
The court was told he has other Active investigation going on and the suspect is likely to interfere with investigations.
Court heard that Sande is facing other investigation related to other files.
He is accused of being involved in money laundering which is a continuous act and the suspect continues to perpetrate the crimes.
“If he is released on bond, he may travel to those countries and interfere with the current trial and other investigations. The investigating team are in the process of travelling to those countries holding the offshore accounts for purpose of stopping the proceeds from being transferred/withdrawn,” investigating officer told the court.
Court heard that police through investigating team intends to conduct a search at the residents of the Respondent with view of recovering original documents that are relevant to this matter.
