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Economy

End of the road for Dubai Bank as regulator auctions assets

Dubai Bank chairman Hassan Zubeidi. PHOTO | FILE
Dubai Bank chairman Hassan Zubeidi. PHOTO | FILE 

The banking sector regulator has put collapsed Dubai Bank’s assets on auction, marking the end of the road for the lender that was shut down in August last year.

The central bank, through the Kenya Deposit Insurance Corporation (KDIC), instructed auctioneers to sell office equipment and other assets that the lender owned in Nakuru.

Valley Auctioneers yesterday held another auction in Nairobi outside the KDIC godown in Industrial Area following a failed attempt by Dubai Bank founder Hassan Zubeidi to stop the sale.

The KDIC is, however, yet to confirm whether all the office equipment has been sold, and whether a 1.5-acre piece of land that the collapsed lender owned in Upper Hill, Nairobi is among the assets that have been disposed of.

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