CBK warns banks they’re being probed on NYS payments

May 29, 2018
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Governor Patrick Njoroge says specific investigations are being conducted to recover lost resources as quickly as possible as well as put to account banks and financial institutions involved in the scam/FILE

, NAIROBI, Kenya, May 29 – The Central Bank of Kenya (CBK) is working closely with the Directorate of Criminal Investigations (DCI) and other agencies in probing the mega scandal that has rocked the National Youth Service (NYS).

Speaking during a press conference, Governor Patrick Njoroge says specific investigations are being conducted to recover lost resources as quickly as possible as well as put to account banks and financial institutions involved in the scam.

He says all those found complicit will be held accountable and that CBK was also working on coming up with charges which will lead to their prosecution.

“The CBK is working closely with the Director of Criminal Investigations (DCI) and other investigating agencies on this case. And as you know, there are two directions that we are going. We are probing recipients with a view to recover the resources as quickly as possible and banks and other entities that may have been involved,” he stated.

He described it as inconceivable that such losses of public funds would take place in this day and age as this will result in a loss of public trust.

“We do have that responsibility to supervise/ oversee banks and their compliance to the tenets of various legislations.”

His sentiments come even as 54 suspects are due to face charges in court.

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