• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Court stops Kenya’s Central Bank order on Imperial Bank liquidation

4 years ago
in Banking & Finance, highlights, Home, home-news, latest News
2 min read
0 0
0
57
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Court stops Kenya’s Central Bank order on Imperial Bank liquidation

The High Court has temporarily stopped the liquidation of collapsed Imperial Bank after billionaire businessman Ashok Doshi and his wife Amit sued over their Sh1 billion deposit.

Justice John Onyiengo, sitting in Mombasa, issued the order suspending the Central Bank of Kenya’s (CBK) order to the Kenya Deposit Insurance Corporation (KDIC) to wind up the lender, setting the stage for the sale of the lender’s remaining assets.

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 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 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.

RelatedPosts

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

Read: Ethiopia suspends second telecom license tender process

“The appointment of KDIC as the liquidator has the effect of defeating the consent recorded in this suit since the legal status of Imperial Bank has changed from being in receivership to being in liquidation and the consent is no longer binding to Imperial Bank.”

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, 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, representing eight percent, are yet to get back their money in full.

In their petition. the Doshis also want the banking regulator and KDIC ordered to deposit $7.2 million (Sh814 million) in a joint account in the names of lawyers on record as security for any decree that may be passed by the court. Alternatively, they want the defendants to be directed to jointly and severally give a binding undertaking to pay back their deposits.

They also want the CBK to release Imperial Bank’s statement of accounts showing liquidity in the deposit account, audit statement published and approved for 2014/2015 and any other liquid and tangible securities held by the CBK as of October 13, 2015.

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 be heard on January 10.

Tags: Central Bank of KenyaCourt stops Kenya's Central Bank order on Imperial Bank liquidation
No Result
View All Result

Highlights

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

CHAN: Morocco and Madagascar Advance to Semi-Finals, Ending Kenya and Tanzania’s Dreams

Chelsea Thrash West Ham 5-1, Increasing Pressure on Former Boss Graham Potter

Lithium Price Surge to be Short-Lived, Analysts Say

Gold Fields Targets 20% of Global Output from Tarkwa Mine by 2026

Trending

Business

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals The Trump administration is considering...

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

August 23, 2025
Von links nach rechts: Général Birame Diop, Verteidigungsminister ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks (Daimler Truck AG) ; Cheikh Ibrahima Cisse, Präsident GTS Senegal  From left to right: Général Birame Diop, Minister for the Armed Forces (Defence) ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks at Daimler Truck ; Cheikh Ibrahima Cisse, President GTS Senegal

Senegal and Mercedes-Benz Partner to Build Trucks

August 23, 2025

INTERPOL Recovers Over $90 Million From African Crime Syndicates

August 23, 2025

Djokovic and Gauff Gear Up for US Open with Strategic Focus

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.