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Government Owned Development Bank Of Kenya On The Spot Over Massive Graft

Photo Courtesy
Photo Courtesy

Development bank owned  by the government is on the spot over serious mismanagement and misappropriation.

The mismanagement and misappropriation is allegedly engineered by two top managers; the Finance Manger Johnson Kiniti and CEO Victor Kidiwa.

The bank has one branch in Ngong Road’s Brew bistro building which has very few customers prompting the Finance Manger to come up with the idea of leasing office space in nature for the purpose of expansion.

“It has never taken place, not even a single desk is there. We pay 1million per quarter yet no one knows what on earth for,” the source revealed.

The Central bank is unmasked as shielding the DBK which has presumably has been reporting flop in liquidity meaning it is operating way beneath CBK requirement of 20%, a situation that raises concern over safety of customers’ money.

READ: National Bank To Upgrade Mobile Banking Services

An insider told Kahawa Tungu the top management pockets hefty salaries that take up half of the bank payroll while they are hardly in the office. Mr. Kiniti allegedly ties his pension to his loans despite pocketing a cool salary of about Sh600,000 while the CEO, Kidiwa gets Sh800,000.

The Finance manager,Mr. Kiniti is said to be currently overseeing construction of his 5 storey building at Kiambu road at a time when the bank is touted to be selling it’s main asset building finance house at loitta street.

The bank has been in the process of migrating a new system with fintec who have simply been doing nothing. Two years down the line, the bank is still stuck in a shoddy system transfer.

An urgent and impeccable restructuring is craved by the bank which has a compromised Board. Staff claim they have never received increment but also bring out the issue of unharmonized salaries where a driver earning over Sh100k while an accountant qualified CPA takes home Sh58k and the company secretary also serves as the human resource manger.

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Written by Kahawa Tungu

Email: news@kahawatungu.com

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