CBK boss summoned by court - Hallo guys! Free Your Mind, This time, i write about CBK boss summoned by court, from any sources that i think you can be used for your information. I hope everything in this posting can be very useful for you. Ok, here it is! .

Title : CBK boss summoned by court

CBK boss summoned by court

Article business, Business Daily Kenya: 

The High Court has issued a 30-day notice to Central Bank of Kenya (CBK) Governor Patrick Njoroge and Kenya Deposit Insurance Corporation (KDIC) chief executive Mahmoud Mohamed to personally appear and show cause why contempt of court proceedings should not be commenced against them.

Justice George Odunga issued the order to the two alongside CBK and KDIC boards of directors after they were accused by six shareholders of the collapsed Imperial Bank of defying a court’s directive requiring them to reveal information relating to the bank’s receivership.

While seeking to cite the executives in contempt of court, the shareholders claim that KDIC and CBK—through a press release—said that they would continue with due diligence and contract review, which is expected to lead a structured access of the remaining deposits.

The shareholders argue that the move amounts to premature liquidation, which the court had barred. “In refusing to respond to the applicants or engaging them while at the same time continuing with their engagement with NIC Bank, (Imperial Bank) will inevitably go into liquidation come end of the statutory management on April 14, 2017,” said their lawyer Andrew Wandabwa in court documents. Odunga directed that the matter be mentioned on March 24 for further directions.

The court had on June 29, 2016 ordered the CBK and KDIC to furnish the shareholders with information relating to the process of receivership but the shareholders claim the orders were ignored.

They say the disobedience of the order amounts to ridiculing the authority of the court, and people found culpable should be punished.

Compliance to the orders issued by Justice Odunga will go a long way in saving the bank from imminent liquidation, they say. KDIC and CBK have filed two suits against the shareholders seeking to recover Sh44.9 billion embezzled from the stricken bank.

The post CBK boss summoned by court appeared first on Mediamax Network Limited.

daily post kenya news, k24 live, media max, bdafrica, nse Kenya, epaper, business daily Kenya

That's all information about CBK boss summoned by court

And i hope the information about CBK boss summoned by court can be usefull for you guys. Alright, this is article may so useful for you guys. Thank You.

You are reading the article about CBK boss summoned by court and the permalink of the article is https://ai-freeurmind.blogspot.com/2017/02/cbk-boss-summoned-by-court.html I hope this article can be helpful and useful.

Tag : business,

Tweet