Govt Goes After Loan Defaulters to Recover Ksh 45B
Central Bank of Kenya (CBK) building in Nairobi.
Simon Kiragu
Kenyans.co.ke
The Government through the Kenya Deposit Insurance Corporation (KDIC) is seeking loan defaulters in 27 collapsed banks as it moves to recover Ksh45.5 Billion.
Individuals and businesses who have not serviced their loans in the failed banks such as Chase, Dubai and Imperial risk having their properties auctioned in the recovery process.
The Agency is seeking a management company to that effect and will use legal charge documents held by the banks as securities for the outstanding loans. KDIC seeks to appoint a competent management company to oversee the operations of some of the borrowers of problem banks to recover the amount borrowed from the banks, KDIC stated.
BUSINESS NEWS
The Capital Markets Authority has cleared a former director of collapsed Imperial Bank of wrongdoing in the lenders’ issuance of a Sh2 billion corporate bond just one month before its collapse.
Chris Diaz had argued in his defense that he joined the bank as an independent and non-executive director after the decision to issue the bond was made.
Mr Diaz appeared before the CMA’s ad hoc committee that the regulator constituted to investigate the matter after he broke ranks with fellow directors, who rejected the CMA’s role in the matter.
Eight Imperial Bank directors, including Alnashir Popat, Omurembe Iyadi, Jinit Shah, Anwar Hajee and Hanif Somji, declined to appear before the committee arguing that Section 11(3)(cc) & (h) of the CMA Act is unconstitutional because it allows the regulator to play overlapping roles.
Imperial Bank directors block CMA probe into Sh2bn bond
Thursday April 15 2021
By OTIATO GUGUYU
Summary
Imperial Bank directors have stopped the Capital Markets Authority (CMA) from pursuing them over the Sh2 billion corporate bond that the lender issued a month before it was placed in receivership.
The eight directors have blocked investigations through the CMA tribunal on grounds the probe team will be impartial.
Imperial Bank directors have stopped the Capital Markets Authority (CMA) from pursuing them over the Sh2 billion corporate bond that the lender issued a month before it was placed in receivership.
The eight directors have blocked investigations through the CMA tribunal on grounds the probe team will be impartial.
A Meru High Court has issued orders restraining Deputy Chief Justice Philomena Mwilu from holding her office or acting as Chief Justice, until a case filed by a Meru resident is heard and determined.
Justice Patrick Jeremy Otieno also restrained Justice Mwilu from sitting in the Judicial Service Commission (JSC) and being a member of the Ombudsperson of the Judiciary until the case filed by one Isaiah Mbiti Mwongela is concluded.
The decision to bar the DCJ from sitting in the JSC stops her from participating in process of selecting the CJ to succeed David Maraga, which is expected to begin after applications close on February 10.
THE STANDARD By
Kwamchetsi Makokha |
January 14th 2021 at 17:37:28 GMT +0300
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