Equity Group’s Kenyan subsidiary was raided twice, likely by insiders, on the same day last month, The Daily Nation has reported in the latest in this ongoing saga.
- •While one heist involved KShs. 1.5bn being moved from the payroll account in 47 transactions, the second involved the theft of $8mn from the personal account of a customer believed to be a senior government official.
- •The $8mn was moved from the account and transferred into crypto accounts, before being moved offshore.
- •The two heists may suggest some level of coordination in the timing, which might also explain how the high profile heists remained unknown outside a closed knit circle in the bank and among law enforcement until a suspects family shared CCTV footage of a raid in Murang’a online.
According to the Daily Nation, which did not name the senior government official from whose account $8mn was stolen, the heist prompted the customer to bring in the intelligence services.
Why it Matters
News of the second heist adds to an ongoing saga and may help explain why the Office of the Director of Prosecutions applied for arrest warrants late last week, after it was known that two men, a son who was a manager at the lender, and his father, had been arrested by law enforcement. CCTV footage shows a tactical team entering a compound in Murang’a county, believed to be the home of Machiri Kimani, on Sunday night.
The case also illustrates the nature of modern-day heists, and will undoubtedly shift how lenders in Kenya and beyond approach internal risk and control systems.
For Equity Group, the change of guard in its Kenyan subsidiary late last week, is likely to be the beginning of extensive measures to revamp internal systems, Human Resources, and investor and customer confidence.
