Kenya’s High Court has granted a 90-day extension of the Receivership over Imperial Bank Limited (In Receivership) (IBLR).
This follows an agreement between the shareholders, Kenya Deposit Insurance Corporation (KDIC) and Central Bank of Kenya (CBK), that it was necessary for KDIC to be accorded more time to resolve the receivership.
In a statement, CBK noted, “The consent given by these parties was without prejudice and unconditional. Since the last extension of the receivership on March 24, 2017, CBK and KDIC have held four meetings with the shareholders. All agree on the urgency of a resolution and on the need to safeguard the interest of the depositors.”
According to CBK, today’s extension is needed for further actions that would allow a fitting resolution of Imperial Bank’s receivership.
“Additionally, in order to advance the resolution of the receivership and in keeping with their respective mandates, CBK and KDIC will in the coming days issue a tentative timeline and prospective milestones for the resolution of IBLR’s receivership.” said CBK.
Going forward, CBK and KDIC will continue to engage stakeholders concerning the next steps in the resolution for Imperial, as permitted by the law.
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