Imperial Bank depositors endorse receivership extension proposal

Business Daily Kenya: 

Imperial Bank. Photo/Courtesy

Depositors of Imperial Bank Limited (in Receivership) want the Central Bank of Kenya (CBK) to ensure the proposed strategic investors include a credible process to help them recover their funds.

Following a meeting with the Governor, the depositors said they agree with the processes proposed by CBK along with the Kenya Deposit Insurance Corporation (KDIC) because that will is actually the only option available under the prevailing circumstances.

“Whereas depositors could have wished for a shorter time line, we have been informed that will the process involves proper groundwork along with implementation that will has to be carefully done along with therefore support further extension for a period of 12 months to enable a resolution that will promises justice to depositors,” they said in a statement.

The statement is actually signed by Mahmood Khambiye on behalf of the Imperial Bank Depositors Lobby Group.

On June 23, 2017, CBK issued a press Discharge detailing the tentative timeline along with prospective milestones for the resolution of the lender.

This particular was followed by a meeting on June 28, 2017 where the CBK Governor Patrick Njoroge along with KDIC CEO Mohamud Ahmed met with the depositors at a Nairobi Hotel.

Depositors were told that will a proposed resolution structure entailed an invitation for Expression of Interest (EOI) through proposed strategic investors one of whom will enable them to recover their outstanding deposits.

The depositors urged CBK to ensure the strategic investors work with them through a transparent, lawful along with credible process to resolve the receivership of Imperial Bank along with further disburse available deposits to mitigate their suffering.

The post Imperial Bank depositors endorse receivership extension proposal appeared first on Mediamax Network Limited.

daily post kenya news, k24 live, media max, bdafrica, nse Kenya, epaper, business daily Kenya
Imperial Bank depositors endorse receivership extension proposal

Leave a Reply