The Rwanda Investigation Bureau (RIB) has dispatched detectives to dig into a meticulously executed financial fraud in one of Rwanda’s top banks, COGEBANK.
Taarifa Investigative Desk has learnt that, Joel Kayonga, the Commercial Director and Georges Ndizihiwe, the Director of Credit, were detained on Thursday evening by detectives to answer charges of an alleged financial fraud involving top guns in the bank, including a major share holder.
RIB Spokesman, Dr. Thierry Murangira, said the two are charged with, “Misuse of property of public interest,” a crime that attracts 5 to 7 years imprisonment and upt to Rwf5million fine.
They are being held at Remera RIB station.
Sources told Taarifa on Monday that the two directors are suspected of having signed off a loan worth Rwf4 billion to a businessman, David Byuzura, who also happens to have misused the funds.
Apparenrly, Byuzura runs a business that belongs to one of the bank’s shareholders and Board Member.
COGEBANK’s CEO, Guillaume Ngamije Habarugira confimed with Taarifa on Monday evening that indeed his directors are being held by investigators as further investigations continue.
He also confirmed that he is also undergoing questioning “as the head of the institution,” and by the time of the conversation with Taarifa on a phone call, around 9PM, the CEO was still at office in a meeting discussing the matter.
“I can not comment on a subject under investigation, but I can confirm the the arrest indeed happened last week,” he said and requested to discuss the matter broadly later and ran back to the meeting that, according to our sources, went on until late night.
Photo: From left. Georges .N, Guillaume .H, David B & Joel .K.
This is a developing story. More details to follow …