Former Chase Bank Chairman Zafrullah Khan has been accused of buying his wife Shehla Khan a vintage Ferrari Dino for Sh45,500,000 and a limited edition Chevrolet Corvette for Sh12,755,133 using the bank’s funds.
He also acquired an apartment in the Opera Grand residential tower in Dubai, next to the Burj Khalifa, the world’s tallest building, at a cost of Sh600 Million.
Khan and the then Managing Director Duncan Kabui are accused of engaging in suspicious dealings that plunged the bank into debt.
In a plaint submitted to the Commercial Court in Milimani yesterday by Chase Bank, Sh1 Billion was irregularly advanced to Khan and a further Sh6.9 billion was irregularly advanced to companies largely owned by him and Kabui.
Mr Khan, who is seen as the architect of the scheme, floated in a sea of fine things and prime properties funded, in part, by hefty bonuses and consultancy fees he awarded himself for his own version of a job well done.
He had amassed an estimated Sh2.2 billion in personal expenses using Chase Bank’s funds which included a payment of Sh1.05 billion that was supposed to be paid out over five years based on performance but was instead collected within six weeks.
In April 2016,the Central Bank put Chase Bank into receivership after it declared a loss of Sh686 million for the financial year 2015.
