Business / News
Friday, 24 Mar 2017 19:55 EATnewsdesk@kenyafreepress.com
Large account holders and investors of Imperial Bank Limited (In Receivership) will wait for longer before they can access their funds following a High Court decision this afternoon that extended the bank's statutory management.
The High Court granted a 90-day extension of the receivership over Imperial Bank. This followed agreement between the shareholders, Kenya Deposit Insurance Corporation (KDIC) and Central Bank of Kenya (CBK), that it was necessary for the KDIC to be accorded more time to resolve the receivership. CBK consented to this extension on the basis that it is necessary for KDIC to continue as Receiver of IBL.
Jack is a business and society writer at the Kenya Free Press