” Dr Njoroge
Imperial Bank
KCB Bank Kenya Ltd

No end in sight to Imperial Bank depositors’ wait as cases drag on

The long journey towards the recovery of money saved in the collapsed Imperial Bank is not about to end for depositors if the number of cases is anything to go by.

“Even as we spoke last year, I saw anger, frustration and despair. And frankly, I don’t think the year has helped. I’ve seen more anger, frustration and despair. There are those who have paid the ultimate price. May God rest them in peace,” said Dr Njoroge.

During the forum, Imperial Bank depositors shared stories of pain and despair and how the collapse left in its wake a trail of devastation as their dreams and livelihoods suddenly came tumbling down.

On June 25 last year, CBK released a statement setting a deadline of 48 weeks to conclude receivership of the collapsed lender.

The search for an investor kicked off, but with the self-imposed deadline having lapsed, no conclusion has been registered other than the statement indicating that only one investor is in the race to take over the bank.

On June 24, CBK sent out a statement indicating that Imperial will soon have a new anchor shareholder to lift it out of receivership, noting that KCB had emerged as the lead investor. CBK said the other unnamed bidder withdrew from the process.

“The revised proposal was received from KCB Bank Kenya Ltd, while the other bidder has withdrawn from the process. Having assessed the revised proposal, CBK and KDIC will engage KCB in discussions aimed at maximising the value of depositors,” said CBK in the statement.

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