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StanChart reveals secrets of Sh100m paid to avoid NYS fraud prosecution
Graduating officers march during the Passing-Out of the National Youth Service Recruits in Gilgil Nakuru county on December 2, 2021.PHOTO | CHEBOITE KIGEN | NMG
Standard Chartered Bank Kenya #ticker:SCBK (StanChart) has revealed to American regulators that it opted to pay Sh100 million in exchange for a two-month reprieve from the prosecution of its executives in connection with the theft of funds at the National Youth Service (NYS).
The bank through its London-based parent company, Standard Chartered Plc, disclosed that the Office the Director of Public Prosecutions (ODPP) had not taken further action against it or its managers for not reporting suspicious transactions involving the NYS under anti-money laundering laws.
