Imperial Bank depositors to receive a third disbursement of funds up to a maximum of 10% of their remaining deposits
There is some good news to all the Imperial Bank depositors. Verified depositors will be able to access additional funds of up to a maximum of 10 percent of their remaining deposits. Those with balances below Ksh.200,000 will be able to access the full balance. This will be the third disbursement issued to verified Imperial Bank depositors since it was placed under receivership.
The following is the press release by the Central Bank of Kenya:
“The Kenya Deposit Insurance Corporation (KDIC) will today, December 28, 2016, commence a third disbursement of funds to Imperial Bank Limited (IBL) depositors. Verified depositors will be able to access additional funds of up to a maximum of 10 percent of their remaining deposits, subject to a minimum of Ksh.200,000 or the actual deposit amount for balances below Ksh.200,000.
Verified depositors will be able to access these funds through NIC Bank as was the case for the second disbursement in July, 2016. Any new claims should be lodged and processed through NIC Bank.
The recovery of IBL loans will continue, which will allow access to additional resources by depositors and other stakeholders. All IBL borrowers should continue making payments on their loans as is currently required.”
-Central Bank of Kenya
NIC Bank is the appointed assets and liabilities consultant for Imperial Bank. It is charged with disposing of the bank’s assets and liabilities.
Imperial Bank was placed under receivership in October 2015. This was after revelations of a Ksh.34 billion fraud scheme orchestrated by former Managing Director, Abdulmalek Jamohamed.
The first pay-out to depositors was made in December last year. This was after the Central Bank of Kenya entered into an agreement with KCB Bank and DTB Bank. This deal saw depositors with less than Ksh.100,000 paid.
This was followed by another agreement between the Kenya Deposit Insurance Corporation with NIC Bank back in June this year. From this new deal, depositors at Imperial Bank could access up to Ksh.1.5 million.