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Corporate

CBK secures order to auction Ajay Shah assets

Mr Ajay Shah, one of collapsed Trust Bank directors. Photo/FILE
Mr Ajay Shah, one of collapsed Trust Bank directors. Photo/FILE 

The Central Bank of Kenya has received court orders allowing it to auction the private property of Trust Bank directors, accused of being responsible for the lender’s collapse, leading to loss of depositor’s cash.

The High Court has issued a decree to the Deposit Protection Fund Board (DPFB) allowing it to recover an estimated Sh1.5 billion from Ajay Shah and Praful Shah, who were accused of having been liable for office misconduct that resulted in the collapse of Trust Bank.

Execution of the decree could give fresh impetus to the DPFB’s ongoing efforts to recover cash belonging to the members of the public that was lost in the 1990’s and early 2000, following successive collapse of banks through directors’ fraud.

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