Imperial Bank Liquidation Halted by High Court

Imperial Bank liquidation has been halted by The High Court temporarily.

This is after billionaire businessman Ashok Doshi and his wife Amit sued over their Sh1 billion deposit.

Justice John Onyiengo issued the order suspending the Central Bank of Kenya’s (CBK) order to the Kenya Deposit Insurance Corporation (KDIC) to wind up the lender.

This set the stage for the sale of the lender’s remaining assets.

CBK Directive

The court also barred any payments to depositors in the execution of the CBK’s directive.

The Mombasa-based tycoon and his wife sued Imperial Bank and CBK.

This is in a bid to recover their deposit in the collapsed lender.

Through lawyer Willis Oluga, the Doshis argue that on July 15, 2016, three months after the bank was placed under receivership.

The lender further consented to pay them their dues after they sued it.

The consent is still binding to date and has never been reviewed, varied, or set aside,” said Mr. Oluga.

Imperial Bank Collapses

Imperial Bank collapsed six years ago with money belonging to depositors, bondholders, and creditors.

 Most of the money it has was used to pay depositors according to Business Daily.

This is including the sale of Sh3.2 billion assets and liabilities to KCB Bank last year.

When appointing KDIC to liquidate the bank and process payments, CBK said only 4,300 depositors are yet to get their money.

This represents eight percent of the total number of people that Imperial Bank owes.

They claim the lender had enough money to pay all depositors at the time it was put under receivership on April 7, 2016.

The case will moreover be heard on January 10.

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