advertisement
Economy

Receiver KDIC says Dubai Bank Kenya should be wound up

Former Dubai Bank MD Binay Dutta (right) and chairman Hassan Zubeidi before a House committee in Nairobi on July 30, 2013. PHOTO | FILE
Former Dubai Bank MD Binay Dutta (right) and chairman Hassan Zubeidi before a House committee in Nairobi on July 30, 2013. PHOTO | FILE 

The firm appointed receiver manager for Dubai Bank Kenya ten days ago has recommended liquidation as “the only feasible option” in a report submitted a week ahead of schedule.

The Kenya Deposit Insurance Corporation (KDIC) on Monday submitted a report to the Central Bank of Kenya saying it saw no other way out for the troubled bank.

The report indicates that due to the magnitude of weaknesses of Dubai Bank Kenya, liquidation is the only feasible option.

CBK responded by immediately appointing KDIC the bank’s liquidator in terms of Sections 53(2) and 54(1) (a) of the Kenya Deposit Insurance Act, 2012.

KDIC will release information about the liquidation of Dubai Bank and payment of depositors in due course.

advertisement