Imperial Bank went under with an estimated Sh80 billion deposits, placed under statutory management after fraud was discovered.
The Central Bank of Kenya appointed the Kenya Deposit Insurance Corporation (KDIC) as receivers of Imperial Bank in October 2015.
Flame Tree Group #ticker:FTGH has written off Sh10.1 million held in the collapsed Imperial Bank, joining a long list of corporates hit by bank failures.
The manufacturing and trading firm has disclosed in its latest annual report that restricted cash balances relating to deposits with financial institutions amounting to Sh10.1 million were held by the bank placed under receivership on October 13, 2015.
“The amount was not available to the company for the day to day running of its activities. In 2017, the amount was written off to profit or loss due to the fact it will never be recovered,” the report says.
Imperial Bank went under with an estimated Sh80 billion deposits, placed under statutory management after fraud was discovered. The Central Bank of Kenya appointed the Kenya Deposit Insurance Corporation (KDIC) as receivers of Imperial Bank in October 2015.
Last month, CIC Insurance #ticker:CIC said its Sh560 million had stuck in the bank, which it provided for 100 per cent in 2016.
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