Imperial Bank Shareholders consent on 12 months receivership extension
By Soko Directory Team / Published July 31, 2017 | 1:58 pm
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.
The bank was placed under receivership on October 2015.
About Soko Directory Team
Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory
and on Twitter: twitter.com/SokoDirectory