The Kenya Revenue Authority (KRA) has given up on the Sh400 million tax it was seeking from SBM Bank Kenya in connection with the Chase Bank acquisition, ending nearly four years of a legal tussle with the Mauritian lender.
The taxman’s claim was related to a Sh9.6 billion five-year liquidity support loan that SBM tapped from the Central Bank of Kenya (CBK) during the purchase of certain assets and liabilities of the collapsed Chase Bank.
