Former Chairman of Chase Bank Kenya Zafrullah Khan who has spent the last nine days in jail has been released after posting a sh 2 Million bond.
This came after a Nairobi court agreed to lower Mr Khan’s cash bail to Sh 2 million with one Kenyan surety worth Sh 2 million.
Originally, the court had ordered Mr Khan to deposit two Kenyan sureties totaling to Sh 60 million for him to secure his freedom. Through lawyer Cecil Miller, the “banker” told the court that he was ill and could not meet the bail terms imposed on him, saying they were too harsh.
Mr Khan was charged last week with conspiring to defraud depositors of Sh 1.7 billion and is also under investigation over allegations of accounting irregularities, theft, money laundering and his role in the bank’s collapse in April 2016.