How Sh150 Million was Withdrawn from Customer’s Fixed Deposit Accounts at DTB Bank Kenya without Her Approval

A South Korean investor has taken a Kenyan bank to court for allegedly withdrawing Sh150 million from two fixed deposit accounts using doctored documents and without her knowledge or approval.

In two cases filed against Diamond Trust Bank, Sun Pil Lim, the wife of the President of Safari Park Hotel and Casino Young K Roh, wants the court to order the bank to return the cash.

In the first case filed on September 14th, Sun, who is the chairperson of Daehan Pharmaceutical Limited, is seeking to recover the Sh100 million the company had put in a fixed deposit.

Through Muriungi and Company advocates, Sun says she incorporated Daehan Pharmaceutical Limited on October 29th 2015, alongside three other directors, Lee Jong Chan, Jang Jongmin and Jolly Jeminah Lanji Ouko. The company had planned to import drugs and other medical items from Korea and sell them in Kenya.

After incorporation, the firm opened an account with DTB on May 19th 2015 and deposited Sh100 million on October 24th, 2015, with instructions that the cash be put in a fixed deposit account after the bank promised an interest rate of 16 per cent.

“The terms of the certificate of deposit issued by the defendant were the deposit was in Kenya shillings, interest rate was 16 per cent and maturity date was 23rd day of October 2016,” reads the plaint as quoted in a report by The Standard.

This account was to be accessed by two directors who had the authority to sign all documents, including checks.

Sun further opened another personal account and wired Sh50 million in a fixed deposit account and was given two certificates of deposits on October 28th, 2015 and November 5th, 2015.

She says the manager of DTB Bank Thika Road Mall, where the two accounts were opened, became “evasive, misleading and deceptive” after the company  enquired on the state of the accounts in December, 2017.

Lee Jong Chang, one of the directors of Daehan Pharmaceutical Limited is said to have confessed to Sun’s husband that he had connived with the bank boss to withdraw the money from the two fixed deposit accounts.

After Sun obtained court orders compelling the bank to produce documents on the two accounts, the investor discovered that the Sh100 million in fixed deposit had been liquidated and withdrawn using her forged signature as she was one of the two signatories alongside Lee.

The cash was withdrawn between March 10th 2016 and December 4, 2017 using 157 cheques. She says Lee forged her signature and conspired with the bank manager to liquidate the account and share the money.

“Mr Lee informed us that he shared the money with the said manager in order to be allowed to liquidate the deposit and withdraw the money,” reads the plaint.

Fake letters from the company bearing Sun’s fake signatures were used to drain the two fixed deposit accounts.

She wants the court to issue orders compelling DTB to pay her a total of Sh169,944,520, as well as the interest accrued from October 24th, 2016, costs of the two suits and any other relief the court may deem fit. The bank is yet to file a response to the two suits.