Caption: Former Family Bank Chairman Wilfred Kiboro (left) and Managing Director Peter Munyiri during the institution’s annual general meeting at KICC, Nairobi, on April 22, 2016.
Family Bank, the Bank that Helped Former Jubilee Diva Anne Waiguru Launder the Billions she looted from NYS is in the spotlight again. We have always told you that the Kenyan Banking sector is founded on quicksand and can collapse at any time.
The Kenyan media is busy mainstreaming prostitution instead of fighting for Kenyans. Instead of exposing impunity in the banking industry, Brown envelope journalists like Wallace Kantai and TerryAnne Chebet have p[erfecte their skills of doing PR for the corrupt. Indeed, the Kenyan media has scums of the earth.
For instance, why would the KCB CEO Joshua Oigara get awarded for being the CEO of the year yet his customers sit on the floor while being served?
Sadly, Former head of civil service Ambassador Francis Muthaura’s son is the head of the Capital Markets Authority (CMA). Other than spending his days jerking off and watching YouTube videos, plus occasionally attending seminars to issue cheap threats, Muthaura’s son does nothing else. Why I always condemn people who are given Jobs based on political patronage.
On the 23rd December 2014 a cheque number 001107 dated 23rd December 2014 of Kenya shillings Nine hundred thousand (Kshs. 900,000/=) drawn by Kithi & Company Advocates for Parallax ICT revolution.
William Kiprotich Bungey being the signatory to the account 012000034388 Kenyatta Avenue at family bank carried out various transactions/ withdrawals in the year 2014, and the last was on the clearing date 29th December 2014 withdrawing (Kshs 200,000/=) leaving a balance of (Kshs. 607,752/=)
Afterwards he tried to access his account via A.T.M at Family Bank Yaya center branch and the transaction was unsuccessful, turned down over insufficient funds and transformed into a negative balance as if he had taken an overdraft or a loan at which he confirms to have never applied for neither taken a Loan and as per now its accumulated interest of up to (Kshs -440,000/=) as per today In a current statement from Family Bank.
Furthermore, Family Bank claims the cheque bounced and they can’t produce a copy of the unpaid cheque nor outstanding cheque charge is not in the statement only an image return document saying confirmation awaiting and not even credited to his account which is a clear sign the money was cleared in his account and the Family Bank used scrupulous ways to unclear money from the account without William’s consent a clear proof of bank fraud as indicated in the statement.
On 29th Dec 2014 William being the signatory to the account, obtained a bank statement from the family bank, and the balance showed Ksh 607,752.35. No more transactions were carried out and on 27th Nov 2015 He received an annual bank statement, and surprisingly the balance of Ksh 607,752.35 was no longer in the account, and therefore there were no monies for withdrawal.
Further scrutiny of the statements from the bank indicates that there was a clear, and unclear balance of negative three hundred and sixty-three thousand, seven hundred and ninety-three point seven cents (-364,093.97) Upon inquiry from family bank staff, William was informed that he had overdrawn monies from the account a position he finds to be incorrect.
If true that he did take an overdraft facility against the account, where is the letter of application for the service which acts as a contract between the bank and him? In the bank statements provided, why is it not showing that facility being advanced to him? From this time the only indication is that the bank had cooked the provided statement to suit their narrative. William insists he has never taken any loan, but the bank has made it appear as so to justify this fraud.
The bank has not assisted him upon several inquiries and calls for this to be done cleanly. He has never withdrawn or cause to withdraw the Ksh 607,752.35 missing in the account nor have instructed any employee nor agent to withdraw any monies from the above account. Further, he has never applied nor taken any loan facility or overdrawn funds from Family Bank.
Were it so and if he was in default of not honoring in payment of such service why is it that the bank has not written nor demanded the monies back. They just cooked the books to cover an internal fraud between the bank and the drawer of the cheque George Kithii and company advocates.
William Kiprotich being the holder of the account, the Ksh 607,752.35 in credit in his account was monies rightfully due to him. Being the only signatory to the account, he had a contract with the Family Bank and did not allow any person other than himself to operate the account and withdraw money.
The family bank is in breach of its contractual duty and duty of care to their client William, as the claimant leading to the loss/missing/ withdrawal of Ksh 607,752.35 without him being its customer and account holder’s knowledge or authority. Family Bank was negligent and in breach of contract by failing to safeguard William’s deposits forcing him to suffer loss and damages.
On 22/02/2016, William wrote a letter to the chairperson of the family bank seeking assistance. Despite all these efforts, the bank has never been of any tangible assistance and been engaging in cat and mouse games. Later on, he reported the matter to the Banking Fraud unit who followed up the matter to some extent and then things went quite. The Banking fraud unit even interrogated the drawer of the cheque George Kithii on behalf of George Kithii and company advocates.
He impliedly admitted having reversed these amounts and twice promised to refund back. He failed to honor his promises. The matter was also reported to the Kenya Bankers Association, who followed up the case by writing emails to Family Bank. They have since gone quite. William has also been writing several emails to Family Bank at the moment they have blocked all his emails, what a way to treat your customers raising concerns. Proof of this blockage is available.
The family bank also produced an image of the presumably bounced cheque, and it indicates an entirely different account number. The account number against the reversed check is account number 012000034588. This account looks almost similar to William’s account number, and it’s the one used fictiously, created to siphon the amounts and later on cook the books. All these are attached for the world to see.
What followed next is a chain of phone calls from Family Bank some amounting to threats. A Recent call was from a Mr. Muchemi, who was then the branch manager and Kenyatta Avenue branch when this happened. He called William using number 0724255731. He called inquiring if he had cleared the matter with George Kithii and told him he had declined. George Kithii claimed he had removed the money, and the onus is on the bank. Which is right and also why would a bank send William to the drawer of a cheque which had at one point cleared. Mr. Muchemi promised to call back, but he never did.
Interestingly, at the time of fraudulent withdrawals, George Kithii was Family Bank’s lawyer and also represented K-Rep Bank at the same time. If this incident is anything to go by then, one can arrive at a conclusion that such a similar fraudulent transactions must have slipped through the bank.
Kithii is a frequent commentator on local TV stations and is also said to be eyeing a parliamentary seat in coming elections. The Bank has since directed William to handle the matter with Kithii and advocates, ironically, in the Bank’s statements they indicated he took an overdraft. The Bank is not being helpful to their customer who is now in financial disaster because of their negligence or even being part of the bigger frauding syndicate. Conflict of interest disapproves Kithii from being in this dispute, somehow the bank is aware of this but giving him much needed cushioning.
Central Bank’s new governor Njoroge whose entrance and dedication in cleansing the rotten banking system must take notice of this fraud system. Cheques clearance and backdoor clearing is as filthy as it is and might be going on silently not only within Family Bank but also other Banks.
Once leading a promising life, William’s life has changed for the worst, concerned friends who approached Kenya Insights say things are getting from bad to worst. He no longer lives an ordinary life, and his life transformed overnight and worst of all, he worked hard only for someone to snatch his future away from him and Family Bank is in it for the biggest blame.
In an emotional conclusion, Vincent, a close friend to William tells me, “Willie just need his life back, he worked hard for this, and it’s unfair for Family Bank and Kithii to have cropped up and ruined the life of someone’s son, husband, and father.”
Family Bank must therefore unconditionally facilitate the quickest review and effect the payments, return William’s money. Banking Fraud Unit, Bankers Association and Central Bank without forgetting the Law Society of Kenya where Kithii is a member, must spring into action and seal the loopholes before more Kenyans fall into the deadly teeth of such rogue bankers.
The Family Bank can clear their name and restore public trust and confidence to thousands of its customers countrywide who will most definitely be concerned with William’s case. “I wouldn’t wish any other customer to undergo what I am going through, my life is hell, even paying my rent is a problem, most of my properties is owned have been auctioned, left a beggar literally, my radiant business died. My life is on the verge of end.” An aggrieved William narrates to me.