Bank roped in KPC Sh827m fraud case involving ex-MD

By Sheila Mutua On Thu, 21 Nov, 2019 13:44 | < 1 min read
Shem Ochuodho and Terry Winjenje
Tripple A Capital director, Terry Winjenje, and former KPC MD Shem Ochuodho (right) in court for hearing on the Sh827m fraud case against them. PHOTO | SHEILA MUTUA | K24

The Standard Chartered Bank has been given two weeks to produce bank statements showing the transactions between Kenya Pipeline Company (KPC), the bank, and Tripple A Capital in Sh827 million fraud case.

Nairobi Chief Magistrate Douglas Ogoti on Wednesday summoned bank officials after a prosecution witness said bank records produced in court had been destroyed.

The witness claimed the bank destroyed the documents after the defence opposed the use of photocopies, saying the team will only accept original copies.

The witness was testifying in a case where former KPC managing director Shem Ochuodho and a director of Tripple A are charged with Sh827 million fraud.

Dr Ochuodho, who was sacked from KPC in December 2004, is accused of conspiring with former chairman, Maurice Dantas, to defraud the company of Sh827 million between May 2003 and June 2004

The alleged fraud was committed in deals with local and foreign companies.

The two were accused of conspiring to defraud KPC through a bogus refinancing deal signed with Triple A Capital nearly 15 years ago.

The suspects were dealt a blow when the Court of Appeal ruled that they hoodwinked the attorney-general’s office, Finance and Energy ministries into approving the suspect refinancing deal and then went ahead to execute a different plan.

The two had filed a case at the appellate court seeking to stop their prosecution.

Earlier, a former Kenya Pipeline board member, Caleb Olall, told the Anti-Corruption Court that the KPC board did not approve the borrowing of Sh2 billion from Triple A Capital.