Imperial Bank Shareholders consent on 12 months receivership extension

Imperial Bank of Kenya shareholders have finally given consent to  extend the bank’s’ receivership by a further 12 month to enable CBK and KDIC run an Expression of Interest (EOI) process.

However, the shareholders through their lawyer demand that: “The financial status of IBL, if already established, be shared with all the stakeholders, including my clients, forthwith. If the said status has not been determined, then the same be established conclusively within the next two weeks (being the period proposed to establish a data room for the potential investors interested in the EOI), and subsequently shared with the stakeholders, including my clients.”

“For the past two years when the bank has been under receivership, it is apparent that the financial status of the bank is yet to be conclusively established, or if it has, the same has not been shared with the all the relevant stakeholders, including our clients,” adds Andrew Wandabwa & Ass.

After the lapse of the twelve-month statutory period of receivership, the same was extended via statute for six months and then via consent on two occasions for a further six months, which lapses on the 19th of September 2017.

According to CBK and KDIC the extension is  to ensure its resolution is credible.

The bank was placed under receivership on October 2015.