Capital Markets Authority of Kenya · Kenya

Deloitte & Touche (Kenya): fine by Capital Markets Authority of Kenya

Audit or matter: Chase Bank Kenya Limited (in liquidation), 2015 medium term note issue

What the regulator found

The CMA said it issued Notices to Show Cause to Chase Bank board members, some senior managers and its reporting accountants after an inquiry into the 2015 medium term note issue. The Star, Business Daily and Capital FM reported on 3 and 4 August 2022 that the CMA fined Deloitte and Touche, the bank's reporting accountant at the time, Sh10 million. Business Daily reported that the firm "failed to detect a non-existent Sh2.1 billion Chase Bank account." The Star reported that CMA investigators found the firm "did not inspect the failed lender's IT system in annual audits." No CMA release naming the firm was found.^2,3,4,1

Status: Fine reported by media in August 2022, not confirmed by a CMA release naming the firm^3,4,1

Sources

1. Capital FM (Kenya), CMA fines ex-Chase Bank bosses, Deloitte over Sh10bn MTN bond (3 August 2022)
2. Capital Markets Authority of Kenya, CMA takes Enforcement Action against the former Chairperson and Senior Management of Chase Bank Kenya Limited (In Liquidation) (19 November 2025)
3. The Star (Kenya), CMA fines former Chase Bank officials in Sh10bn bond scandal (3 August 2022)
4. Business Daily (Nation Media Group), Deloitte fined for Sh2.1bn hidden hole in Chase Bank (4 August 2022)