• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Tuesday, May 17, 2022
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Lifestyle
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Lifestyle
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

CBK to Seek Another Receivership Extension for Imperial Bank

Angeline MbogobyAngeline Mbogo
July 30, 2018
in Kenyan News
Reading Time: 2 mins read

The Central Bank of Kenya (CBK) is set to apply for Imperial Bank’s receivership extension to allow the bank to engage further with KCB Group according to the CBK governor.

The CBK and the Kenya Depositors Insurance Corporation (KDIC) this week announced that KCB Group is the leading bidder in taking over Imperial Bank.

CBK governor Dr Njoroge said:

ADVERTISEMENT

“We need more time to get a better deal. The biggest issue now is the valuation of the loans.”

However, it is not exactly clear  how much more time CBK is seeking for the extension. “Our lawyers will advise us on this. But of course, it is getting clearer with KCB in the picture,” he asserted.

The Receivership

The upcoming receivership extension will be the fourth that CBK has requested for from the court. The current extension will expire at the end of this month.

The extended receivership period, which is now about three years old since the bank collapsed in October 2015, has negatively affected its depositors in various ways. At the time of its collapse, Imperial Bank was holding more than Sh80 billion of depositors money.

The bank collapsed shortly after Group managing director Abdulmalek Jan Mohammed passed on.

The bank’s shareholders and directors informed the CBK of suspicious undertakings that were going on in the bank. This resulted in the led the regulator placing the bank under receivership as it investigated the suspicious activities.

Imperial Bank had operations across Kenya and Uganda.

Fraudulent Bank Accounts

Over 78 imperial bank depositors have been denied access to their funds after they were linked to the suspicious transactions that led to the downfall of the bank. The KDIC is investigating the implicated individuals and companies.

KDIC wrote on documents filed in court: “The petitioners are subject to investigations with regard to their financial transactions with [Imperial Bank] and if not found culpable their deposits will be paid out subject to the applicable percentage.”

The petitioners are depositors who have complained that they did not receive their funds when other Imperial Bank customers did.


Hisa App Hisa App Hisa App
Previous Post

South Korea to use Kenya as trading gateway to sub-Saharan Africa

Next Post

Book Review; Money Wise By Rina Hicks

Related Posts

NSE Daily Equity Turnover Declines 65.7% to KSh 184M

May 17, 2022
CBK Governor Patrick Njoroge

Central Bank Warns Digital Lenders On Licensing Deadline

May 17, 2022

Nairobi Emerges The Only African City in Latest Global Cities Index

May 17, 2022

CBK seeks KSh 10 Billion in May T-Bonds Tap Sale

May 17, 2022

Stanbic Bank Kenya Net Earnings Up 15.7% to KSh 2.1B in Q1 2022

May 17, 2022

EABL Appoints Anne-Joy Michira as Marketing& Innovation Director

May 17, 2022

KAA Certifies Kisumu International Airport to Receive International Flights

May 17, 2022

Safaricom to Raise $2 Billion for Funding of its Ethiopian Subsidiary

May 17, 2022
Load More
Next Post
Investing Podcast With Rina

Book Review; Money Wise By Rina Hicks

ADVERTISEMENT

Follow Us

  • 136.2k Followers
  • 2.4k Subscribers
  • 1.1k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

May
20
Fri
all-day Equity Group Book Closure
Equity Group Book Closure
May 20 all-day
 
all-day Stanbic Holdings Book Closure
Stanbic Holdings Book Closure
May 20 all-day
 
May
24
Tue
all-day BAT Kenya Payment of Final Dividend
BAT Kenya Payment of Final Dividend
May 24 all-day
payment of final dividend of kes 50.00
May
25
Wed
6:09 am Standard Chartered Dividend Payment
Standard Chartered Dividend Payment
May 25 @ 6:09 am – 8:30 pm
payment of final dividend of kes 14
May
26
Thu
all-day ABSA Bank Kenya Dividend Payment
ABSA Bank Kenya Dividend Payment
May 26 all-day
 
all-day I&M Group Final Dividend Payment
I&M Group Final Dividend Payment
May 26 all-day
 
View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

Featured

No Content Available

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In