A senior official of the Bank of South Sudan (BoSS) has confirmed that Stanbic Bank credited the accounts of an aviation firm with $7.2 million (KSh929.14 million) in 2016 but withheld the money from the would-be beneficiary over claims of insufficient funds. A nostro account refers to a bank account held in a foreign country by a domestic bank, denominated in the currency of the overseas country. “I reiterate that the nostro account had no connection with the subject transaction for the transfer of $7.2 million. He said it took Stanbic about three days to credit the airline’s bank account from the date of credit advice. The airline says the money had been deposited for a plane-leasing contract it signed with the Ministry of Defence and Veteran Affairs of South Sudan in September 2014.

Source: Daily Nation October 13, 2024 12:00 UTC