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Kenyan tycoon owes dissolved Chase Bank Sh1.5billion unpaid loan

by Njoki Maina
August 4, 2021
in Business, Crime Watch, News, Special Review
Reading Time: 2min read
Kenyan tycoon owes dissolved Chase Bank Sh1.5billion unpaid loan
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Fresh details have now emerged that a leading Kenyan tycoon with vast interests in banking, agribusiness and education among other sectors owes the dissolved Chase Bank a whooping Sh1.5billion unpaid loan, The Informer can authoritatively reveal.

Our investigations have established the loan which could have heavily contributed to the collapse of the bank was advanced in six tranches.

The bank collapsed to the detriment of innocent depositors who were left languishing in poverty as destitute.

According to records, Sh356million was advanced to his personal accounts in two tranches of Sh65.8million and 290million and Sh862.7 million to a processing plant associated to him.

Another Sh281million was wired to account associated to a learning institution while the final facility of Sh8million ($80,850.20 US Dollars) was deposited in a processing plant.

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The new revelations comes even as the Central Bank of Kenya (CBK) revoked Chase Bank licence paving way for its dissolution.

Already, the Kenya Deposit Insurance Corporation (KDIC) has been appointed to oversee the liquidation of the bank.

“It is notified for the information of the general public that in exercise of the powers conferred by section 6 (1) (a) of the Banking Act, the CBK has revoked the licence of Chase Bank Limited with immediate effect,” said CBK governor Patrick Njoroge in a special gazette notice.

On April 16, 2021, CBK approved liquidation of Chase Bank, technically referred to as Chase Bank Limited in Receivership (CBLIR).

According to the regulator, KDIC recommended to dissolve the bank of the lender’s statutory/receiver manager since April 2016.

The corporation said that it would issue information about the liquidation process and payment of depositors “in due course” even as it reached out to depositors seeking any clarification to come forward.

KDIC chief executive Mahmoud Mohamed said the depositors of Chase Bank in liquidation would be the first beneficiaries of the enhanced insured deposit amount of Sh500, 000.

“We managed to salvage 75 per cent of the assets through the SBM Bank deal. So the remaining 25 per cent is the one we are going to pay the Sh500, 000 [per depositor] from,” he said.

According to a statement by CBK, the appointment of KDIC as a receiver for Chase Bank Limited had been carried out in the interest of its depositors, creditors and members of the public.

“Section 43(2) of the Kenya Deposit Insurance Act, 2012 requires CBK to appoint the KDIC as a receiver of a bank, if, among others, an unsafe or unsound condition to transact exists; a bank is likely to fail to meet its financial obligations; a bank has substantially insufficient capital or if there is a violation of any law or regulation,” read CBK statement.

One of CBK’s primary role as a regulator is to foster the liquidity, solvency and proper functioning of a stable market-based financial system.

Further, Chase Bank experienced liquidity difficulties, following inaccurate social media reports and the stepping aside of two of its directors.

 

 

 

 

 

Njoki Maina

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