Five Major Banks Penalized in State Funds Theft Case in Kenya

Kenya’s central bank has penalized five major commercial banks for handling stolen state funds in the corruption scandal involving the country’s National Youth Service and Ministry of Devolution and Planning. In addition, the banks’ CEOs and employees could face arrest, fines, and jail time.

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Handling Stolen State Funds

The Central Bank of Kenya (CBK) on Wednesday, Sept. 12, fined five major commercial...

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