The tax tribunal quashed an appeal by SBM to stop KRA from claiming the payment on a secret Sh9.6 billion interest-free loan it took from the Central Bank.
KDIC starts paying depositors in fallen Charterhouse Bank
Tuesday June 01 2021
By BONFACE OTIENO
The State has started the process of paying depositors who had up to Sh500,000 in collapsed Charterhouse Bank, ending a 14-year freeze that had inconvenienced thousands of savers.
The Kenya Deposit Insurance Corporation (KDIC), the agency overseeing the liquidation of the bank that was put under statutory management in June 2006, has asked the depositors to fill payments forms from June 3.
The lender, then with Sh2.9 billion deposits in 4,699 accounts, was shut down following what the Central Bank of Kenya (CBK) termed as a “severe violation of the Banking Act.”
Wealthy Kenyans snub small banks’ safes
Tuesday June 01 2021
By PATRICK ALUSHULA
Small lenders accounted for 4.6 per cent of the new bank accounts with more than Sh100,000 as wealthy savers preferred well-known brands in the wake of three mid-sized financiers being placed under receivership after failing to meet their obligations.
The 21 small banks classified by the Central Bank of Kenya (CBK) as low-tier had 6,155 new accounts with more than Sh100,000 of the 134,425 high-quality deposits that lenders gained last year.
The CBK data shows that small banks controlled six per cent of the high-quality accounts, down from 13.2 per cent in 2017 as depositors sought safety in larger institutions.
Central Banking
Central Banking Newsdesk Print this page
The Central Bank of Kenya has triggered the liquidation of a commercial lender after uncovering what it called “severe violations” of banking regulations.
The central bank appointed the Kenya Deposit Insurance Corporation (KDIC) to liquidate Charterhouse Bank’s assets. The action comes around a month after the CBK asked the KDIC to liquidate the remaining assets of Chase Bank, signalling the end of a multi-year resolution process.
A report into Charterhouse by managers appointed to take over
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Charterhouse depositors with Sh500,000 set for refund in 30 days
Tuesday May 11 2021
By PATRICK ALUSHULA
Summary
KDIC says the next step after paying out the insured deposits will be to go for the assets of the bank, including pursuing firms and individuals who had taken loans.
Depositors who had up to Sh500,000 deposits in collapsed Charterhouse Bank will receive their full money back within a month, ending a 14-year freeze that had inconvenienced thousands of savers.
The Kenya Deposit Insurance Corporation (KDIC), the agency overseeing the liquidation of the bank that was put under statutory management in June 2006, says the payout will cover 85 percent or 3,995 deposit accounts.