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Strengthening Corporate Governance to Curb Corruption in Banks in Kenya: a Case Study of Dubai Bank and Imperial Bank

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Strengthening Corporate Governance to Curb Corruption in Banks in Kenya: a Case Study of Dubai Bank and Imperial Bank SCHOOL OF LAW A Thesis submitted to the Faculty of Law in partial fulfilment of the requirements for the conferment of Masters in Law, University of Nairobi STRENGTHENING CORPORATE GOVERNANCE TO CURB CORRUPTION IN BANKS IN KENYA: A CASE STUDY OF DUBAI BANK AND IMPERIAL BANK By: KASHINDI EBBY IMBAHALA REG NO: G62/82367/2015 Prepared & presented under the supervision of: JOY K. ASIEMA DECEMBER, 2019. DECLARATION I, KASHINDI EBBY IMBAHALA, declare that this thesis is my original work and that it has not been submitted nor is it currently being submitted, wholly or in part, for examination for the award of a diploma, degree or any other related purpose, in any other University or Institution. Dated at Nairobi this day of 2019 ______________________________ KASHINDI EBBY IMBAHALA REG NO: G62/82367/2015 This thesis has been submitted for examination with my approval as University Supervisor. Dated at Nairobi this day of 2019 __________________________________ JOY K. ASIEMA FACULTY OF LAW UNIVERSITY OF NAIROBI DEDICATION To Thomas and Leah, my loving parents. ii ACKNOWLEDGEMENT This thesis would not have been possible without the able supervision of Mrs. Joy K. Asiema. Her continuous support and guidance shaped this work and brought it to a successfully completion. I am grateful to my parents and siblings who encouraged me and prayed for me throughout the time of my study. I am also thankful to my classmates and my colleagues at Ethics and Anti- Corruption Commission for their contribution in one way or another towards this achievement. Finally, I thank the Almighty God for his grace that kept me going. iii TABLE OF CONTENTS DECLARATION..............................................................................................................................i DEDICATION................................................................................................................................ii ACKNOWLEDGEMENT..............................................................................................................iii Table of Contents............................................................................................................................iv Abstract........................................................................................................................................viii List of Abbreviations and Acronyms..............................................................................................ix List of Cases...................................................................................................................................xi List of Statutes/Conventions..........................................................................................................xii CHAPTER ONE: STRENGTHENING CORPORATE GOVERNANCE TO CURB CORRUPTION IN BANKs IN KENYA: A CASE STUDY OF DUBAI BANK AND IMPERIAL BANK 1 1.0 INTRODUCTION.....................................................................................................................1 1.1 Background to the study...................................................................................................1 1.2 Statement of the Problem..................................................................................................3 1.3 Research Objectives..........................................................................................................4 1.3.1 General Objective......................................................................................................4 1.3.2 Specific Objectives....................................................................................................4 1.4 Research Questions...........................................................................................................5 1.5 Research Hypothesis.........................................................................................................5 1.6 Literature Review..............................................................................................................5 1.7 Theoretical Framework.....................................................................................................9 1.7.1 Agency Theory........................................................................................................10 1.7.2 A critic of the Agency Theory.................................................................................12 1.7.3 Efficient Grease Theory...........................................................................................13 iv 1.8 Justification of the Study.................................................................................................13 1.9 Scope of the Study..........................................................................................................14 1.10 Research Methodology...................................................................................................14 1.11 Limitations of the Study..................................................................................................15 1.12 Chapters Breakdown.......................................................................................................16 1.12.1 Chapter One.............................................................................................................16 1.12.2 Chapter Two............................................................................................................16 1.12.3 Chapter Three..........................................................................................................16 1.12.4 Chapter Four............................................................................................................16 1.12.5 Chapter Five.............................................................................................................16 CHAPTER TWO: THE COLLAPSE OF DUBAI AND IMPERIAL BANKS........................17 2.0 Introduction.........................................................................................................................17 2.1 Dubai Bank.....................................................................................................................17 2.1.1 Receivership by the CBK........................................................................................17 2.1.2 Background to the Collapse.....................................................................................18 2.2 Imperial Bank..................................................................................................................22 2.2.1 Receivership............................................................................................................22 2.2.2 Discovery of the Fraud and Dubious transactions...................................................23 2.2.3 Findings from the Investigations.............................................................................24 2.2.4 The Collapse............................................................................................................26 2.2.5 Imperial Bank becomes Insolvent...........................................................................27 2.3 Conclusion......................................................................................................................27 CHAPTER THREE: LEGAL AND REGULATORY FRAMEWORK ON CORPORATE GOVERNANCE AND CORRUPTION IN KENYA................................................................29 3.0 Introduction.........................................................................................................................29 v 3.1 Legal and Regulatory Framework on Corporate Governance........................................29 3.1.1 The Constitution......................................................................................................29 3.1.2 The Companies Act, 2015.......................................................................................32 3.1.3 The Penal Code........................................................................................................34 3.1.4 The Capital Markets Act..........................................................................................35 3.1.5 The Code of Corporate Governance Practices for Issuers of Securities to the Public 2015 35 3.1.6 Mwongozo- The Code of Governance for State Corporations................................36 3.1.7 International Treaties and Conventions...................................................................37 3.2 Legal and Regulatory Framework on Corruption...........................................................38 3.2.1 The Constitution of Kenya, 2010.............................................................................38 3.2.2 Ethics and Anti-corruption Commission Act (EACA), 2011..................................38 3.2.3 Anti-Corruption and Economic Crimes Act, 2003 (ACECA).................................40 3.2.4 Public Officers Ethics Act (POEA).........................................................................41 3.2.5 Bribery Act 2016.....................................................................................................41 3.2.6 International Instruments on Corruption.................................................................44 3.2.7 OECD Anti-Bribery Convention.............................................................................44 3.2.8 The United Nations Convention against Corruption...............................................44 3.2.9 Other Conventions...................................................................................................45
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