Why tycoon wants Sh920 million Imperial Bank deposits

Mombasa based multi-billionaire businessman Ashok Doshi in Mombasa Law Courts on Monday. [Photo: Standard]

A Mombasa-based billionaire businessman Ashok Doshi is demanding over Sh920 million held up in Imperial Bank that was placed under receivership in 2015.

Mr Dosh has sued Central Bank of Kenya and Imperial Bank for withholding his money that he had deposited in six different fixed accounts.

Yesterday, Doshi told Justice PJ Otieno that CBK failed to do its duty by allowing the directors of Imperial Bank to mismanage the institution for a period of 13 years exposing their deposits to waste.

“I believed and had reason to believe that CBK was carrying out its mandate over Imperial Bank and acting in that belief, maintained dollar account and local currency account where I deposited with Imperial Bank $8,715,000.01 on fixed deposit and a fixed deposit in local currency of Sh49, 163,359.59,” said Doshi.

Doshi said that it took the death of the then managing director and the newly-appointed board of directors for information to be disclosed that there was a fraudulent scheme perpetrated for more than 13 years undetected.

“Had there not been disclosure, the same would have been brought to the fore by the collapse of Imperial Bank,” said Doshi.

Dosh sought orders stopping the payment scheme being implemented by Diamond Trust Bank and Kenya Commercial Bank.