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    EQTY   KE0000000554

EQUITY GROUP HOLDINGS PLC

(EQTY)
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Equity : Oigara, Mwangi Among 5 Bank CEOs Saved From Facing Criminal Charges

03/06/2020 | 05:12am EDT

The CEOs of five local banks which had been implicated in a multi-million graft scandal have been spared from facing criminal charges after their banks refunded Sh385 million to the government.

Kenya Commercial Bank, Equity Bank, Standard Chartered Bank, Diamond Trust Bank, and Cooperative Bank signed an out-of-court deal with the Office of the Director of Public Prosecutions to deposit the funds, which were part of 2015's National Youth Service scandal in which at least Sh11 billion was siphoned from the institution.

The five, who KCB's Group CEO Joshua Oigara, Equity Group'sJames Mwangi and Co-Operative Bank'sGideon Muriuki, faced prosecution by the Director of Public Prosecutions Noordin Haji, over failure to report suspicious transactions carried out in their banks, as required in law.

Others are Standard Chartered Bank Kenya's CEO Kariuki Ngari and Diamond Trust Bank'sNasim Devji.

"The said amounts were paid into the Prosecutions Fund Account and will be restituted to the public following the existing laws and procedures," DPP Haji said.

In addition to the penalties and as part of the agreements, Haji said the banks committed to review and implement several corrective measures.

The affected banks committed to review the Know Your Customer (KYC) compliance status and ensure proper supporting documentation for customer transactions in a myriad of mitigative measures.

They also agreed to enhance their existing Anti-money laundering and combatting the financing of terrorism monitoring systems, in a bid to enable real-time monitoring of digital transactions.

The DP said the banks will also take disciplinary action against their staff involved in violating banking rules.

"They will also conduct extensive Anti-Money laundering training for all staff and their board of directors," Haji said.

The DPP said he will continue ensuring financial institutions "strive to attain exemplary corporate citizenship and highest principles of integrity and professionalism."

Copyright Capital FM. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

Stocks mentioned in the article
ChangeLast1st jan.
EQUITY GROUP HOLDINGS PLC -0.47% 53 End-of-day quote.45.01%
STANDARD CHARTERED BANK KENYA LIMITED -0.93% 133.25 End-of-day quote.-7.63%
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Financials
Sales 2021 109 B 987 M 987 M
Net income 2021 33 144 M 301 M 301 M
Net Debt 2021 - - -
P/E ratio 2021 6,07x
Yield 2021 6,12%
Capitalization 200 B 1 814 M 1 816 M
Capi. / Sales 2021 1,84x
Capi. / Sales 2022 1,55x
Nbr of Employees 7 119
Free-Float 77,4%
Chart EQUITY GROUP HOLDINGS PLC
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Equity Group Holdings Plc Technical Analysis Chart | EQTY | KE0000000554 | MarketScreener
Technical analysis trends EQUITY GROUP HOLDINGS PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 53,00 KES
Average target price 53,26 KES
Spread / Average Target 0,48%
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Managers and Directors
James Njuguna Mwangi Group CEO & Non-Independent Executive Director
David Ngata Group Director-Finance
Isaac Muthure Macharia Non-Executive Chairman
Lanre Bamisebi Group Chief Information Officer
Evelyn Kamagaju Rutagwenda Independent Non-Executive Director