The administrator of estates of deceased persons is on the spot over Sh75 million that was deposited in the collapsed Imperial Bank.
The millions, which are held in trust of the beneficiaries, was deposited at Imperial Bank before it went under, Auditor-General Edward Ouko said in his latest report on the financial statements of the Public Trustee of Kenya.
“In the circumstances, the recoverability of the deposit of Sh75 million could not be ascertained.”
The Central Bank of Kenya put the lender under the management and control of the Kenya Deposit Insurance Corporation in October 2015 for an initial period of 12 months, and the receivership has since extended. This was after Imperial’s board alerted authorities to suspected malpractice — which led to the loss of Sh29 billion deposits.
KCB Group #ticker:KCB expects to acquire some Imperial Bank assets, including part of the lender’s loans books and branches.
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