A more cautious CBK may have stopped run on Chase Bank

Majority of Kenyans believe directors of Chase Bank are culpable for the bank's collapse, and they should be hanged. It’s understandable given the pain of disruption to their lives and businesses. After all, the Companies Act imposes a duty of care and trust, and fiduciary responsibility on the directors. The shareholders entrusted them to manage the business on their behalf, in accordance with the law and regulations governing the enterprise.

Others believe it’s the Central Bank of Kenya that was responsible for their plight as the regulatory authority mandated to oversee the operations of banks and safeguard their deposits. They have adequate legal mechanisms for enforcement, and have the requisite power and authority to prevent such a scenario but they failed. Similarly, many others hold the view that the external auditors are culpable; they had given clean bill of health just days earlier. The shareholders, depositors and other stakeholders all rely on their opinion on the financial status of the bank.