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Ex-Rwanda development bank’s chief arrested


Former Chief Executive Officer, Development Bank of Rwanda, Alex Kanyankore, has been arrested on charges of favouritism and receiving illegal benefits while in office.
 
The Rwanda Investigation Bureau said Kanyankore, who was sacked by the bank’s board in December 2017, was arrested on Tuesday.
 
The spokesman of the Bureau, Modeste Mbabazi, more details would be given after a full investigation.
 
Kanyankole served as head of the public company from 2013, according to media reports.
 
During his reign, the bank underwent restructuring and split into two entities, one focusing on the commercial business while the other on financing Rwanda’s developmental projects.
 
The commercial entity was later sold to Atlas Mara Group, a pan-African financial institution.
 

Under Kanyankole, the bank also took over the disbursement and recovery of Rwandan university student loans after reaching an agreement with the Ministry of Education.