Family Bank is expected to plead guilty to money laundering charges in Sh 1.6 billion NYS scam related case on Thursday 20th.
This is after the Bank entered into a plea bargain agreement with the Director of public prosecution.
In the plea agreement filed in court on Monday 17th, bank through it’s CEO John King’ori is expected to plead guilty to six counts of failure to report transactions equivalent to or exceeding 10,000 US dollars.
The transactions are alleged to have been made by Josephine Kabura, a prime suspect in the NYS scam.
According to the agreement, if the bank rejects his plea of guilty, the plea agreement shall be rendered null and void and no party shall be bound by it.
Trial Magistrate Francis Andayi has directed the DPP to supply the other seven co-accused persons in the case with the plea bargaining agreement before Thursday.
In the case, the bank’s Chief Executive Officer John King’ori is charged alongside former CEO Peter Munyiri ,KTDA Branch Manager Robert Oscar Nyaga, Anti-money compliance manager Charles Kamau Thiongo, Head of Risk and compliance Raphael Mutinda Ndunda, Operations Supervisor Nancy Njambi , Relationship Platinum manager Meldon Awino Onyango and Customer Service supervisor Josephine Wairimu.
They are accused if committing the offences between 2014 and 2015.
They had denied the charges and were each released on a cash bail of Sh 300,000.
