Imperial Bank depositors to march to Central Bank


Imperial Bank depositors to march to Central Bank

Frustrated Imperial Bank depositors have planned a demonstration slated for the end of the month, to pressure the Central Bank to reopen the bank.

The move comes after close to eight months of the bank remaining closed, with the regulator yet to offer a solution.

The depositors also feel let down by shareholders who they accuse of failing to inject the required capital to aid the bank’s recovery.

Imperial Bank was placed under receivership by the Central Bank in October 2015, after the discovery of a 13-year fraud scheme that led to the loss of 38 billion shillings from the bank.

CBK delayed the decision on Chase Bank by three months, insisting a thorough forensic audit on suspicious accounts was required.

Queried over the delayed reopening of the bank, Central Bank Governor Dr Patrick Njoroge has said that Imperial Bank shareholders have been uncooperative.

The protest by depositors is scheduled for May 31st, a month before the Central Bank releases finding from the forensic report.

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Story By Michael Karanja
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