Browsing All Posts published on »October, 2015«

Prime Bank and Fidelity Commercial Bank seeks to join Imperial Bank claims on fraud suit

October 29, 2015

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Two commercial banks have moved to court as interested parties in the suit by Imperial Bank to reclaim looted funds from associates of its deceased managing director. In court papers seen by #Bizextra, Fidelity Commercial ┬áBank notes that some of the assets listed for recovery are charged to them. The banks are now seeking to […]

CBK demands a seat at Imperial Bank of Kenya, shoots down strategic investor bid…

October 28, 2015

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The attempts to revive the beleaguered Imperial Bank of Kenya moved a notch higher today. At a meeting with the firm’s directors, industry regulator the Central Bank of Kenya issue a raft of demands including a permanent seat on the board before reopening the firm. Also on the cards is a deal to scrap the […]

Of Imperial Bank, Mbuta, Charter House Bank and W.E Tilley (Muthaiga) Ltd

October 28, 2015

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W.E Tilley (Muthaiga), the firm said to be at the center of Imperial Bank of Kenya fraud is not a new comer in such. The firm which has already admitted it will refund Sh10 billion to the bank was also mentioned in the collapsed Charter House Bank saga. While presenting a dossier on the extent […]

Imperial Bank of Kenya sues 20 for Fraud…bank to reopen in November, directors indicate

October 27, 2015

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Beleaguered financial services firm Imperial Bank of Kenya has moved to court to claim Sh34 billion stolen from its coffers. The bank through lawyer George Oraro is demanding the money obtain fraudulently by the respondents. In the court papers, Oraro accuses the 20 individuals and companies for colluding with deceased Imperial Bank managing director Abdulmalek […]

Economic slowdown prompts scrutiny of African data

October 15, 2015

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FROM REUTERS AFRICA By Joe Brock JOHANNESBURG, Oct 15 (Reuters) – A dip in the fortunes of many African economies has raised doubts about the accuracy of the heady statistics that lured hordes of investors during the “Africa Rising” boom years. Sub-Saharan Africa has achieved annual growth of more than five percent over the last […]

The Imperial Effect…Owner’s interests to feel the pinch, CMA suspends bond

October 13, 2015

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Key business units associated with businessman Alnashir Popat are this afternoon facing the heat of the Central Bank of Kenya’s actions. This follows the decision to put Imperial Bank of Kenya under management and control of the Kenya Deposit Insurance Corporation. A serial entrepreneur, Mr Popat owns majority shareholding in the bank and it is […]

Adios Jetlink Express… Auctioneers move in on the beleaguered airline

October 5, 2015

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The last call on beleaguered airline Jetlink Express has been made. Auctioneers have moved in to sell what remains of the once promising airline. Weighed down by debt, Jetlink Express had in 2012 announced a rather abrupt halt to its take off. Then, the airliner had insinuated that the South Sudanese government hit by cash […]