It is a sigh of relief this week as depositors with the collapsed Imperial bank started receiving their deposits eight years later.
The Kenya Deposit Insurance Corporation KDIC has announced the commencement of payment of protected deposits to customers of the Imperial Bank, eight years after the lender sunk down with their money
The Central Bank of Kenya CBK had approved the bank’s liquidation in 2021, after Kenya Commercial Bank KCB struck a sh 3.2 billion deal to acquire Imperial Bank’s assets and liabilities.
Most of the cash was used to pay depositors. As of 2021, around 4,300 depositors, or eight percent of Imperial Bank depositors, were yet to get their money back in full. 45,700 depositors, or 92%, had been paid in full.
The commencement of the KDIC process will enable the remaining depositors to submit proof of debt for validation and payment. The payment is valid for a two-year period from the date of the notice – April 3, 2023.
“To receive the payments, depositors of Imperial Bank Limited (in liquidation) are advised to download the claim forms from the KDIC website: www(dot)kcid(dot)go(dot)ke, fill and return duly completed forms with attachments” KDIC advised.
KDIC came in after it was picked by the Central Bank to liquidate Imperial Bank and facilitate payments for the remaining depositors, creditors and bondholders.
