Imperial Bank depositors to sue CBK over receivership

Business Daily Kenya:  Imperial Bank depositors last Saturday passed a resolution to sue Central Bank of Kenya (CBK) for what they termed a...

Business Daily Kenya: 

Imperial Bank, Nairobi headquarters. Photo/FILE

Imperial Bank depositors last Saturday passed a resolution to sue Central Bank of Kenya (CBK) for what they termed as “mishandling of the bank’s receivership and in the process jeopardising their savings.”

In a meeting in Nairobi, the depositors said they had been left with no option than to take apex bank head-on to access their funds. Depositors backed the lobby group’s proposal to file a class action suit against CBK and Kenya Depositors Insurance Corporation (KDIC).

Mahmood Khambiye chairman of Imperial Bank Depositors Lobby Group, a lobby group that represents their interests, said they had tried all avenues to have CBK and KDIC resolve the receivership but the two institutions had been uncooperative.

Lawyer Samir Inamdar said depositors need to focus on CBK because it is the constitutional body mandated with safeguarding depositors’ interests. He said depositors should fight on the same side with the bank’s shareholders where their interests converge.

The post Imperial Bank depositors to sue CBK over receivership appeared first on Mediamax Network Limited.

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