Kuwait bank manager accused of embezzling $2.76m

Case is the second to come to light in Kuwait in the past week, after another bank manager was expatriated from Egypt
Kuwait bank manager accused of embezzling $2.76m
By Courtney Trenwith
Mon 23 Feb 2015 01:35 PM

The Commercial Bank of Kuwait is investigating claims a branch manager embezzled KD815,000 ($2.76 million) from customers’ accounts over two years, the bank’s spokesman Yacoub Al Ibrahim has reportedly said.

The bank also was reviewing banking procedures to uncover how the alleged stealing was able to continue for so long and to ensure it was not repeated, Al Ibrahim was quoted as saying.

Alleged victims would have access to the money they claim was stolen while the investigation was ongoing.

No further details of the alleged crime were revealed.

It follows a similar case in which another bank manager was accused of stealing KD700,000 from customers’ accounts.

The accused Kuwaiti was repatriated from Egypt last week, according to Kuwait Times. She had been on her way to the UK.

The newspaper quoted a source as saying the manager targeted dormant accounts, as well as the account of an expat businessman that she handled.

The bank discovered the alleged stealing when a customer complained money had disappeared from his account.

Both cases have been referred to the public prosecution.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.