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Clarification: Chase Bank

By Standard Reporter | June 29th 2016 at 00:00:00 GMT +0300

In an article published in The Standard on April 8, 2016, and in the Standard Digital edition under the headline ‘Institution owners traced to tax havens’, we reported that Festuca Investments Ltd, a shareholder in Chase Bank (Kenya) Ltd (in receivership), had in 2010 incorporated a company with the same name in Cyprus. We have since established and wish to clarify that the Festuca Investments Ltd referred to in our article is a privately-owned company incorporated in the Isle of Man, and has no affiliation whatsoever with Festuca Investments Ltd incorporated in Cyprus. The error is regretted.

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In The Standard of April 8, 2016, and in the Standard Digital edition, we published a picture of Chase Bank (Kenya) Ltd board of directors under an article titled “CBK governor steps in as Sh16.6b reckless lending rocks Chase Bank”. The photograph used represented the 2014 Board of Directors. We have since learnt that one of the persons indicated in the picture as a director, Osman Murgian, passed away on August 2, 2015, and was not a director of the bank at the time it went into receivership.

Chase Bank Central Bank of Kenya (CBK)
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