Top Stanbic Bank employees are on the spot for starting a conduit company named Myriad Investment Club Limited which they used to illegally buy mortgaged properties in total contravention of the Mortgage Act.
The Commercial Division of the High Court has slapped a fine of Shs400m on Stanbic Bank for flouting this law.
Here is the list of shareholders of Myriad Investment Club Limited — who also owned top influential jobs in Stanbic Bank which they used to fraudulently fleece Donwel Limited:
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