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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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NBK board chair entangled in Sh100 billion fraud claims

bycitibusinessnews
March 14, 2016
in Africa, East Africa, Top Stories
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The National Bank chairman, Mohammed Hassan, has been accused of aiding a Sh100 billion money laundering scheme at one of Kenya’s largest chartered flight operators.

The allegations made in court by a founding shareholder of the Wilson Airport-based carrier have sucked Mr Hassan, a former top executive of Dyer & Blair Investment Bank, into what could shape up into one of Kenya’s most vicious boardroom wars in recent times.

Bluebird operates a fleet of 21 airplanes, making it among Kenya’s largest chartered flights companies.

Yusuf Abdi Adan, the Bluebird Aviation shareholder, has claimed in court that his partners have been using Mr Hassan to fraudulently channel massive funds out of the company as part of a scheme to sideline him and pocket his rightful share of the company’s profits.

Mr Adan has filed a petition seeking to wind up Bluebird, claiming that the other three directors have never involved him in any of the company’s affairs or paid him any dividends despite earning over $1 billion (about Sh100 billion) in its 23 years of operation.

Mr Hassan, who started off as a finance analyst at Dyer & Blair before rising to become the investment bank’s executive director, has been accused of being the conveyor belt linking Bluebird’s accounts to the pockets of Mr Hassan’s partners.

“The money Hussein Ahmed Farah, Hussein Unshur Mohammed and Mohammed Abdikadir Adan fraudulently misappropriated and used for their personal or collective use in the last 23 years is approximately between $750 million (Sh76 billion) and $1 billion.

“Due to the massive cash held by the three directors in American dollars, the company and its associates have been undertaking a massive money laundering exercise running into tens of millions of dollars.

The bulk of the money fraudulently obtained from the company is channelled through one Mohammed Hassan, the chairman of the National Bank of Kenya,” Mr Abdi says in an affidavit filed at the High Court.

Mr Adan co-founded the company in 1992 with his three partners but says he was then the only businessman in the group as the others were pilots by profession. The Bluebird co-founder’s lawyers, Ahmednasir, Abdikadir & Company Advocates, were last week told to serve the other directors with the court documents and appear before the duty judge on March 22.

Documents filed at the Milimani High Court claim that Mr Farah, Mr Unshur and Mr Abdikadir have made net earnings of $3 billion (about Sh300 billion) from Bluebird but have excluded their co-founder from the profit share.

Mr Hassan was Dyer & Blair’s executive director between 2003 and 2006, and was previously the investment bank’s general manager. He was appointed a director of NBK in 2011 and shortly after voted chairman.

Mr Adan claims his three partners at Bluebird have been running two separate books of accounts — the official one, which constitutes only five per cent of the firm’s true income, and a clandestine one which is used to hide profits made from both the government and Mr Adan.

He holds that his co-directors have spent a huge chunk of Bluebird’s funds to increase their private share portfolios in the Nairobi bourse through Dyer & Blair, but does not specify whether the stock purchases were made when Mr Hassan was still at the helm of the investment bank.

“The money misappropriated from the company is mostly stashed in foreign accounts and is for the benefit of the three directors only. The cash is being kept in safes controlled by the same three.

–

Source: Business Daily

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