Former Chase Bank Chairman Mohammed Zafrullah Khan has been freed on Sh60 Million bond.
Mr Khan was ordered to pay Kenyan sureties of Sh30 Million each over theft and money laundering charges.
Senior Principal Magistrate Martha Mutuku made the order indicating that she would issue a detailed ruling next Monday.
"Bond is hereby granted in the following terms: that the accused shall present two Kenyan sureties of Sh30 million each and who should be verified by the investigating officers," the Magistrate stated.
On Wednesday, Mr Khan’s lawyer told the court that his client was supposed to travel to the US to seek medical treatment within 30 days.
Magistrate Mutuku allowed Khan to make travel arrangements directing him to deposit his passport in court after the 30 days.
Khan had earlier on been charged with conspiracy to defraud Chase Bank of Sh1.7 Billion.
The former Bank Manager was accused of acquiring his wife, Shehla Khan, a vintage Ferrari Dino worth Sh45.5 Million and a limited edition Chevrolet Corvette for Sh12.7 Million using Chase Bank funds without following due process.
Read More: Former Chase Bank Chairman Mohammed Zafrullah Khan Arrested
