Category Archives: receiverships

Government takes over Imperial Bank

The Central Bank of Kenya has appointed the Kenya Deposit Insurance Corporation (KDIC) to manage Imperial Bank for a year following their awareness of unsafe or unsound business conditions.

Unlike previous banks, liquidity appears to not have been a problem in the decision, and the bank has just raised Kshs 2 billion (~$20 million) via a 5-year, 15% bond that was to list today at the Nairobi Securities Exchange. Imperial Bond

Imperial was Kenya’s 18th largest bank, with assets of almost Kshs 57 billion last year, including deposits of 47 billion, loans of 31 billion and had a pre-tax profit of 2.7 billion ($27 million) in 2014.

Another blog on the intrigues at Imperial notes that the shocking development comes against the backdrop of the death of the bank’s group managing director, Abdulmalek Janmohammed, on September 15, 2015 of a reported heart attack.

EDIT: The KDIC statement notes

  • The Bank was placed under receivership due to, amongst other reasons, irregularities and malpractices in the Bank which exposed depositors, creditors and the banking sector to financial risk. 
  • Normal operations of the Bank are suspended except for collection of loan re-payments or any other payments into the Bank. Debtors are therefore encouraged to continue servicing their obligations.

EDIT: The Central Bank and the Capital Markets Authority released a joint statement

  • The Capital Markets Act, has directed the Nairobi Securities Exchange to suspend the introduction to listing and trading of the Corporate Bond issued by Imperial Bank which closed on September 17, 2015. This suspension has been imposed in the public interest and to protect the interests of investors.
  • The board of directors of Imperial Bank Limited brought to the attention of the CBK inappropriate banking practices that warranted immediate remedial action in order to safeguard the interest of both depositors and creditors.
  • CBK and the board of directors of Imperial Bank Limited are working closely on a feasible resolution mechanism for Imperial Bank Limited (In Receivership). CBK assures members of the public that Kenya’s banking sector remains safe and robust.

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Farewell Dubai Bank

Kenya’s smallest bank Dubai Bank was placed into receivership about two weeks ago. It took control and suspended all operations of the bank except to ask borrowers to continue servicing their loans.

A few days after taking charge, the Kenya Deposit Insurance Corporation  (KDIC) as receiver revised its role and announced that Dubai bank would be liquidated, with each depositor paid a statutory maximum of Kshs 100,000 (~$1,000) once they file a claim that’s proven, and any larger deposit customers  would share in the proceeds of the liquidation equitably.

In the past, banks that have been put into receivership rarely ever come back. From Euro Bank, Daima Bank, and even a (strong) Charterhouse Bank never reopened their doors after receivership. This is because banking relies on trust and confidence, and if the public has no faith in an institution, it’s difficult for it to operate, attracting deposits from customers, and entering into settlement transactions with other banks.
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rtp slot

slot gacor

White elephants never go extinct

stairway to heavenThe last few years has seen white elephants disappear from the scene, as seen in defunct projects that have stalled, and died and are condemned to ridicule. They dot the landscape in towns and rural areas and are seen as monuments to changing global trends, poor planning, bad management, government pork, largesse, populism, toxic corruption etc.

Properties lie dormant for years, idle, and then every few years, someone comes along and picks up a white elephant carcass and revive, breathes life back into it; sometimes its the government and sometimes its the private sector, foreigners, other entrepreneurs who come along and say; that “it was a good idea, but it was executed wrongly ((e.g. the Numerical Machining Complex is something every industrialist talks about but is forever condemned because it was associated with the Nyayo car), this time we’ll do it correctly” – and they throw in some cash, put a coat of paint, sometimes tear down white elephant carcass, re-open a factory or hotel, put on a new coat of paint, add a production line, change the public image etc. And things change for a few years in the revived area.

But it’s a cycle of up’s and down’s – and when one year something is revived, somewhere else something is going bust. This week as there are plans to revive Panpaper, down goes the Kenya planters coffee union (KPCU) and numerous dams built for water conservation at apparently inflated prices.

So white elephants will never die; as long as you have dreamers, entrepreneurs, go-getters, leaders with bad intentions, crooks who default – but mostly by people who say it can be done! Sometimes they are right and we applaud and revel in their success, but sometimes they are wrong – and more white elephants are born.

recent pics of a few
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situs gacor

Crunch time for supermarket

Over the weekend, the Receiver/Manager team of Uchumi Supermarkets (under receivership) published their six-month accounts for the ½ year to December 2008

– P&L: Sales Kshs. 4.43 billion ($55 million – up 30%), gross profit 845 million (up 20%), operating expenses 676m (up 24%), financial 99m (unchanged), pre tax profit 69 million (up 10% from 63m in December 07)
– Balance sheet: fixed asset 706 million (down 7%), current assets 1,123 million (up 20%), current liabilities 1,742 million (up 57%), net current assets (-619 million), total assets 87 million (down 85% from 589m in December 07).
Liabilities: capital 900 million, reserves -1,835 million, loans 1,021 million (down 36%), total liabilities 86 million

The attached notes state that cash & equivalents were 130 million, debenture holders were paid 23m, and principal banks have received 346m to date (including 16m in the last 6 months).

However, despite increased sales, basket size, customer numbers and product ranges, the statement notes the urgent need to address the technical solvency challenges in the balance sheet through
– restructuring of some secured obligations (bank loans)
– increased equity from shareholders,
– or failure to that, (imminent) invitation to third parties (search for a strategic investor is ongoing ).

The ultimate objective of Uchumi receivership plan (URP) is re-listing at the Nairobi Stock Exchange (NSE)

Regulator reassures depositors

Titanic Triton
The Central Bank of Kenya has issued a statement to reassure depositors at some banks that have had some panicked customers want to withdraw and safeguard their funds at their banks which they believe may be exposed to the Triton fraud and fall – which CBK says is less than 0.002% of the banking sector. Read more