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KDIC takes over firm linked to former Dubai Bank boss

Dubai Bank principal shareholder Hassan Zubeidi. PHOTO | FILE

The Kenya Deposit Insurance Corporation (KDIC) has taken over a company associated with former Dubai Bank chairman Hassan Zubeidi for defaulting on loans provided by the troubled lender which collapsed last year.

The agency, which is mandated to protect the interests of depositors and other creditors, said it placed Kemu Salt Packers and Production under receivership effective Tuesday last week.

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