Stockbrokerage firm Genghis Capital has moved in to calm the worried investors after its parent company was placed under receivership by the Central Bank Of Kenya.The brokerage firm which held billion of investors money, says that they are taking steps to ensure their exposure to Chase Bank is managed in the best possible way. Read; Chase Bank placed under Receivership
The firm, which is in partnership with various market players; asset managers, trustees, agents and even other banks controls billion of clients money. As at yesterday evening, representatives from the Capital Markets Authority,NSE, Chase Bank & Genghis were in a meeting to discuss the fate of the investors.
Genghis through a statement to its clients argues that its financial position is solid and the operations of the company will continue to run normally. However, concerns are raised over the fate of investors who had deposited money with Genghis and were waiting to make their orders as Chase was the receiving Bank for its brokerage arm. Genghis shares common shareholders and directors with Chase bank group.