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Dubai Bank denies claims of insider theft

NAIROBI, Kenya, Dec 14 – Dubai Bank has refuted claims it is involved in dubious deals and theft of customers’ money as alleged.

The bank’s chairman Hassan Zubeidi says claims of insider theft as portrayed in media reports are malicious and only aimed at damaging the bank’s reputation.

“We observe all banking regulations at all times. The reports about insider theft are malicious,” Zubeidi said.

He dismissed claims by clients claiming to have lost money in the bank through insider theft.

“A bank that is run professionally cannot engage in such practices,” he said. “Our record speaks for itself, we cannot engage in such activities at all.”

Zubeidi assured customers to have confidence in the institution, “because we value our customers more than anything else.”

The bank chairman said they operate professionally, and adhere to all banking procedures as required by law and the Banking Act.

He said they recently appointed a new Managing Director Binay Dutta, who holds over 30 years of banking experience gained both locally and internationally.

“Dutta is an experienced MD who has a wealth of experience,” the chairman said, “He will endeavour to move the bank operations to a higher level and we have a lot of confidence in him.”

Dutta has extensive knowledge and experience in business development, corporate strategy, credit risk management and operational risk, which is blended with professional qualifications.

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He has previously worked at the UBA Kenya Bank in Nairobi as Executive Director (Business Development) among others.

Internationally, Dutta has worked in banks in Nigeria and India in top management positions.

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