Court now suspends Imperial liquidation
Business
By
Joackim Bwana
| Apr 06, 2023
The High Court in Mombasa has temporally stopped the liquidation of Imperial Bank until a case filed by Ashok Doshi is heard and determined.
Doshi filed a case against the decision by the Central Bank of Kenya to liquidate Imperial Bank currently under receivership. Doshi says the bank owes him Sh900 million.
Yesterday, Justice Mutai Gregory stopped CBK from proceeding with the liquidation process after appointing Kenya Deposit Insurance Corporation (KDIC) as liquidator of Imperial Bank.
The order also temporarily stops the payment of depositors until the matter is heard.
READ MORE
Kenya misses out on Sh125b World Bank project
Inside beer distribution dispute threatening Diageo's exit plan
Sale of strategic assets, infrastructure fund offer new fodder for Ruto critics
JKIA unveils airport makeover plan without funding clarity
Adani knocks again after losing first round in Sh258b airport deal
Why Mbadi wants IEBC to reduce Sh64b election budget
How Kenyans lost Sh10bn through shadowy investments
Kenyan startups outshine Africa with three major innovation wins
Why every Kenyan must protect their personal data
Konza inks deal with Moroccan firm to deliver AI certification
On Monday, the liquidator published notices in the Nation and Standard Newspapers asking depositors to come forward and fill in forms so that they can be paid.
In a certificate of urgency, Doshi through his lawyer Willis Oluga said the appointment of KDIC was illegal and irregular.
Doshi also wants the court to permanently restrain CBK from proceeding to liquidate Imperial Bank. He said the liquidator could only be appointed during receivership but CBK appointed one long after the term lapsed.