Business
US-Based Amassment Corporation Bids To Acquire Collapsed Imperial Bank
US-based financial company Amassment Corporation has tabled a second bid to acquire the assets of the collapsed the Imperial Bank. They cited readiness to lower KDIC’s contribution in the acquisition.
The firm had, in their initial bid, stated that they want to assume all remaining Imperial Bank deposits amounting to KSh49.03 billion with an equal face-value amount of loan assets including 50% of the current loans in litigation.
Amassment Corporation had also stated that KDIC should contribute cash capital of 20% of what the corporation owes to remaining depositors into the special purpose firm, in order to partially compensate for value declines sustained by loan assets, litigation costs, as well as losses from non-performing loans that they will assume.
Kenya Depositors Insurance Corporation (KDIC) thwacked the firm’s bid and said that their offer for Imperial Bank assets was below par.
On 15th August, KCB announced that it won’t be buying all of Imperial Bank’s assets. CEO Joshua Oigara said KCB’s initial review had identified Sh10 billion loans that the lender intended to take over out of Imperial Bank’s nearly Sh25 billion loan book, but the amount has dropped sharply after the lender failed to validate a huge chunk of the assets.
“It has taken long to resolve the transaction. The assets do not match. Initially we had estimated $100 million (Sh10 billion) as we announced last year, but what we see after due diligence is that this has come down to less than half. We see less loans that we will be able to take now even though this does not stop us from going back and relooking into the entire portfolio of the original loans,” Mr Oigara said.
In October 2015, Central Bank placed the Imperial Bank under receivership. This was arrived at after it emerged that the lender was operating two sets of books, with a potential fraud of $449 million that placed depositor funds at risk.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
The Oil Company That Bankrolled a Private Hospital: How Bernard Amuor Makeny Allegedly Turned Nilepet Into His Personal ATM
Death Deferred: How Kenya’s Government Is Bending Aviation Law to Shield the Rogue Developers Strangling Wilson Airport
Hit South African Show Gets The World Talking About Polygamy and Cheating
South Sudan: Fifteen Years of Independence, US$70 Billion in Oil Wealth and GDP Per Capita Cut by Two-Thirds
COFEK Escalates Bid to Oust Gambling Boss Karimi as Fresh Court Battle Puts GRA Leadership Under Siege
Desperate Family Pleads For Ruto’s Help After Safaricom Defies Court Order in Son’s Murder, Exposing Deeper Data Privacy Crisis
Nyali MP Moha Jicho Pevu Caught Up In Alleged Sh44 Million KPA Debt Scam
Somalia Deputy PM Held at JKIA, Deported Over Questionable Acquisition of Kenyan Passport
The White-Coat Heist: How MP Shah Hospital Ran a Decade-Long Double-Extraction Racket While Hiding Behind Charity Status
The Patriarch, His Children, and a Buried Sh3.9 Billion Fraud: The Story of Titus Muya That Kenya Was Never Meant to Read
Businessman Philip Waithaka Kinuthia’s Minor Son Allegedly Drove Drunk, Killed Two Peponi Students in Ngong Road Horror Crash as Claims of Cover-Up Intensify
Inside NCBA’s Decline: How a Banking Giant Lost Its Strategic Edge
South Sudan: Adut Salva Kiir’s Shadow Treasury Exposed
Cement, Cash and Courts: How the Hashu Dynasty Crushed the Ramji Brothers for Fourteen Years and Why the Walls Are Now Closing In
Standard Chartered Ghosts Haunt Joshua Oigara At Stanbic As Whistleblower Spills Beans
Inside The Urban Planning Cartel That Owns Nairobi
THE VULTURE AND THE SCHEME How Nairobi West Hospital Became the Most Dangerous Institution in Kenya’s SHA Ecosystem and Why the Books Must Be Audited Now
The Patriarch, His Children, and a Buried Sh3.9 Billion Fraud: The Story of Titus Muya That Kenya Was Never Meant to Read
The President’s Daughter and The Missing Witness: How Adut Salva Kiir’s Shadow Treasury Silenced Its Most Dangerous Critic
How Adil Popat Saved His Empire On The Eve Of Imperial Bank Collapse and Why Kenya’s Mainstream Media Buried The Story
-
News2 weeks agoBusinessman Philip Waithaka Kinuthia’s Minor Son Allegedly Drove Drunk, Killed Two Peponi Students in Ngong Road Horror Crash as Claims of Cover-Up Intensify
-
Investigations1 week agoTHE VULTURE AND THE SCHEME How Nairobi West Hospital Became the Most Dangerous Institution in Kenya’s SHA Ecosystem and Why the Books Must Be Audited Now
-
Business1 day agoThe Patriarch, His Children, and a Buried Sh3.9 Billion Fraud: The Story of Titus Muya That Kenya Was Never Meant to Read
-
Business5 days agoBURRIED TWICE: The Victoria Bank CEO Yogesh Pattni Files
-
Business1 week agoInside the Billion-Shilling Betrayal: How Senior Treasury Officials Plundered a UN Poverty Fund and Built a Real Estate Empire on the Backs of Kenya’s Rural Poor
-
Business2 weeks agoThe Listing That Doesn’t Lie: What the Market Isn’t Saying About Family Bank’s NSE Debut
-
Business1 week agoThe Banker Who Walked Away: How Yogesh Pattni Survived a Financial Crime Scandal That Shook Kenya
-
News1 week agoMy Life Is In Danger: Investor Drops Bombshell Expose On Thomas Ogutu CEO VeGrid Ltd And Fugitive Nairobi CEC Charles Kerich – DCI Inaction And Corruption Network Exposed