Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
SBM to pay Sh400m tax on CBK interest-free loan
SBM Bank wants the High Court to suspend a ruling delivered allowing shareholders of FCB to pursue compensation of Sh2.5 billion. FILE PHOTO | WACHIRA MWANGI | NMG
The State Bank of Mauritius (SBM) has been ordered to pay Sh400 million in taxes and penalties on a secret Sh9.6 billion interest-free loan it took from the Central Bank of Kenya (CBK) during the purchase of collapsed Chase Bank assets.
The tax tribunal quashed an appeal by SBM to stop the Kenya Revenue Authority (KRA) from claiming the payment after the lender refused to reveal its agreements with the banking sector regulator and the Kenya Deposit Insurance Corporation (KDIC) for the purchase of Chase Bank.
