A former company director and ex-nominated Member of the County Assembly (MCA), Salim Mohamed Busaidy, has been arraigned before a Nairobi court over an alleged fraud scheme involving Sh363.4 million belonging to First Assurance Investment Company Limited, where he served as a director. Busaidy was a signatory of First Assurance Investment Company Limited representing Prime Cabinet Secretary Musalia Mudavadi when he sold it to other parties. The former MCA faces several charges, including conspiracy to defraud, stealing, making a document without authority and acquisition of proceeds of crime. The court released him on a bond of Sh10 million with one surety of a similar amount or, alternatively, a cash bail of Sh3 million. The court also issued summons to other accused persons who were absent during the proceedings, including the chief executive officers of KCB Bank, NCBA Bank and Co-operative Bank of Kenya Limited.