Equity Bank Co-founder and Chief Executive Officer (CEO) Dr James Mwangi has ostensibly been accused of involving himself in a ponzi scheme by Equity employees.
This comes about after Equity Bank employees reportedly had formed an Employee Share Ownership Plan (ESOP) in 2005 that aimed at facilitating Equity Bank staffs in purchasing the bank's shares.
(Photo credit/File/Dr James Mwangi)
Later after the staffs had signed up, Dr James ostensibly elected himself as the trustee of the ESOP and allegedly came to a decision of opening an escrow account for the staffs to deposit their money and that's how things turned otherwise.
According to reports, the money has been held upto date and has ostensibly been earning dividends while it's estimates has greatly risen to 5 billion.
However, staffs who contributed to the ESOP ended up languishing in pain as they seek justice which had been delayed. According to their agreement, one was to be paid 30 days after leaving the group which none has ever laid his/her hands on the money ever since.
What is your opinion over this matter? Do you think the CEO is practising any Employer-Employee factors?
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