The Imperial Bank head office on Westlands Road in Nairobi. PHOTO | FILE
By BRIAN WASUNA
In Summary
- The shareholders have sued the CBK and KDIC seeking to stop them from taking any steps towards dissolution of Imperial Bank until their revival plan has been considered.
Shareholders of troubled Imperial Bank have asked the
High Court to stop the Central Bank of Kenya (CBK) and the Kenya
Deposit Insurance Corporation (KDIC) from liquidating the lender or
transferring its assets.
The troubled lender’s shareholders have sued the CBK and
KDIC seeking to stop them from taking any steps towards dissolution of
Imperial Bank until their revival plan has been considered.
Imperial Bank’s owners have accused the CBK and
KDIC of frustrating their efforts to revive the bank, including a
proposed Sh10 billion capital injection into the collapsed lender.
The CBK in September last year shut down Imperial
Bank to protect depositors from losing over Sh34 billion allegedly
stolen by the lender’s deceased founder Abdulmalek Janmohammed.
The banking regulator has also instituted a
recovery suit against the family of Mr Janmohammed and a network of
companies believed to have helped him loot depositors’ funds.
The bank’s shareholders have since its closure tried to resurrect Imperial Bank.
“The CBK and KDIC have refused to engage with the
applicants regarding their bona fide proposals for the restructuring of
the bank which include the shareholders’ voluntary injection of Sh10
billion.
“They have also demanded that the shareholders
inject Sh20 billion into the bank as a precondition for their
participation in Imperial Bank’s restructuring,” the shareholders say
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