In Summary
- Activist Francis Awino has called for the immediate suspension of KCB Group CEO Paul Russo pending investigations into the handling of KSh146.3 billion allegedly transmitted through UBS Switzerland AG.
- Awino argues that the matter raises serious corporate governance concerns and requires an independent investigation free from interference.
- He has urged KCB’s Board of Directors to exercise its fiduciary responsibility by ensuring accountability and transparency.
Activist Francis Awino has intensified pressure on KCB Group PLC by demanding the suspension of the bank’s Chief Executive Officer, Paul Russo, over the controversial handling of KSh146.3 billion allegedly transmitted through UBS Switzerland AG for the benefit of Foxcapital Investment Limited.
In a demand letter addressed to the KCB Board of Directors, Awino contends that the continued handling and withholding of the funds raises serious corporate governance concerns that warrant independent scrutiny.
“We hereby call upon the Chairman and the Board of Directors of KCB Group PLC to immediately suspend the Group Chief Executive Officer, Mr. Paul Russo, from the exercise of his executive functions pending an independent investigation into the circumstances surrounding the withholding and handling of the funds,” Awino stated.
According to Awino, the suspension would help guarantee the integrity and independence of any investigations into the matter while safeguarding public confidence in the institution.
He further emphasized that the Board bears the ultimate responsibility for ensuring sound governance and accountability within the bank.
“This demand is not made lightly. It arises from serious questions concerning how an extraordinary amount of approximately KSh146.3 billion came into the custody of KCB, why it was not credited to the intended beneficiary, the legal basis upon which it was subsequently withheld, the internal decisions made concerning the transaction, and the manner in which the matter has subsequently been handled,” the letter reads in part.
Awino argues that where allegations of such magnitude touch on the conduct, oversight, and decisions of senior management, the Board has a fiduciary duty to ensure that the matter is independently investigated without fear, favour, or interference.
He has urged the Board to act decisively in the interest of transparency, accountability, and public trust as questions continue to emerge over the disputed funds.
