Cross-examined by lawyer Cecil Miller, representing the political banks placed under CBKs statutory management. Marimbii confirmed that the splendid five -Star Grand Regency Hotel was constructed using Shs 2.8 billion overdraft obtained by the collapsed Pan African Bank on behalf of Uhuru Highway Development.
The banker said Pan African Bank and Exchange Bank were involved in massive cheque – kiting, an elaborate scheme to make paper money using other political banks. Marambii testified that Pan African Bank had obtained overdraft facilities from CBK and purported to repay the money using finances irregularly obtained from CBK. He will continue testifying when cross-examination goes on this morning.
