Depositors at the collapsed Imperial Bank are set to start accessing their funds from next Tuesday. This follows a court ruling that lifted an order barring cash disbursements.
“Following the lifting of the order by the High Court of Kenya on Friday July 15, and the subsequent consent order allowing additional disbursements delivered today July 19 by the court, the Kenya Deposit Insurance Corporation (KDIC) will commence disbursement of funds to Imperial Bank Limited (in Receivership) (IBLIR) depositors from Tuesday July 26th,” KDIC said in a statement dated yesterday.
The depositors, who had earlier been offered access of up to Sh1 million each through KCB Group and DTB Group, will now be able to apply for an extra maximum of Sh1.5 million through NIC Bank which was appointed the assets and liabilities consultant for Imperial Bank. The Depositors will submit bank claim forms which will be available online on the KDIC and NIC websites from Thursday.
The order was lifted following an agreement between Mombasa-based billionaire Ashok Doshi and his wife, Central Bank of Kenya and Imperial Bank.
It had been issued in April following an application by the Doshi and his wife, who sought the suspension of the payment.
They wanted the receivership declared illegal and their Sh1 billion held by the bank repaid. The duo had jointly deposited Sh1 billion in a fixed account which was to mature in December 2015. The bank was placed under receivership on October 13 that year.
