Depositors of Imperial Bank to access funds from KCB, DTB and NIC

Over 10,000 depositors of Imperial Bank limited (in receivership) will begin accessing their funds from Tuesday, by up to Sh1 million each through KCB Group and DTB Group.

They will also be allowed to apply for an extra maximum of Sh1.5 million through NIC Bank which was appointed the assets and liabilities consultant for the bank.

“Following the lifting of the order by the High Court of Kenya on Friday July 15, and the subsequent consent order allowing additional disbursements delivered today July 19 by the court, the Kenya Deposit Insurance Corporation (KDIC) will commence disbursement of funds to Imperial Bank Limited (in Receivership) (IBLIR) depositors from Tuesday July 26th,” KDIC said in a statement.

Read: Only 10,000 out of 50,000 Depositors Claim their Cash from Imperial Bank

Read: Imperial Bank Shareholders Consent for Liquidation of Treasury Bills

KDIC and NIC Bank have agreed on a process to speed up access to funds. A statement from KDIC said before depositors receive the funds, they need to complete the KDIC/NIC Bank claim forms — which are available online at the KDIC and NIC websites.

Read: NIC Bank appointed asset and liability consultant for Imperial Bank 

The forms were available last week on Thursday, July 21 at any NIC Bank branches and selected IBL (IR) branches. NIC Bank will provide details on the account opening process. KDIC claim forms submitted earlier through KCB or DTB banks will be processed through the respective banks.

Justice Patrick Otieno lifted the order following consent between Mombasa-based billionaire Ashok Doshi and his wife, Central Bank of Kenya and Imperial Bank. Doshi made application seeking to suspend the payment of depositors in April 2016 based on the grounds that they held both dollar and shilling accounts.

Read: Who Owns the Millions Held at Imperial Bank?

What It means to be Under Receivership

IBL was placed under receivership on October 13, 2015.