Euro Bank went under with Sh1.8 billion of taxpayers’ money deposited by State corporations and also claimed the career of Nahashon Nyagah, the then Central Bank of Kenya (CBK) Governor. It was one of the so-called “political banks” and one of its directors was a Kenya Revenue Authority (KRA) Commissioner-General the late John Munge. Euro Bank offices might have been mistaken for a political club teeming with politicians. “Given the fact, his (Muthamia’s) bank often engaged in some not so above the counter banking practices, it was paramount for Euro Bank to have some members of the BFID converted into protectors,” reported The Sunday Standard. Muthamia is said to have set up Euro Bank in early 1993.

Source: Standard Digital May 25, 2021 03:56 UTC