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High Court extends Imperial Bank receivership by 90 days

The bank’s receivership was to end on April 13, 2017, after which KDIC would have to confirm to CBK whether the bank can be revived or liquidated/FILE

NAIROBI, Kenya, June 19 – The High Court has granted the receivers of Imperial Bank a 90 day extension following an agreement between the shareholders, receivers Kenya Deposit Insurance Corporation and the Central Bank of Kenya.

The parties have agreed that more time is needed to find a fitting resolution with KDIC and CBK indicating a timeline and prospective milestones will be released in the coming days.

“Going forward, CBK and KDIC will continue to engage stakeholders concerning the next steps in the resolution for IBLR, as permitted by the law,” said CBK in a statement.

The regulator further says the consent given by the parties was without prejudice and unconditional.

This is the second 90-day after a similar request was granted by the High Court in March pushing the receivership to nearly two years since October 2015 characterized by multiple court proceedings.

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