Imperial Bank depositors endorse receivership extension proposal

Business Daily Kenya:  Depositors of Imperial Bank Limited (in Receivership) want the Central Bank of Kenya (CBK) to ensure the proposed st...

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 come with 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 and the Kenya Deposit Insurance Corporation (KDIC) because it is the only option available under the prevailing circumstances.

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

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

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

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

Depositors were told that a proposed resolution structure entailed an invitation for Expression of Interest (EOI) from 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 and credible process to resolve the receivership of Imperial Bank and further disburse available deposits to mitigate their suffering.

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

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