A secured creditor wants KCB appointed receiver manager Ramana Rao summoned over a report concerning the accounts of Mumias Sugar company, which he filed in court in January. Vartox Resources Inc, one of the creditors of the ailing miller says Rao should appear in court and explain the books of accounts of the miller for […]
For those who hold bank accounts in NCBA and KCB you might want to pay keen attention to this. M-Pesa users who default on their Fuliza loans will have access to their funds in M-Shwari and KCB M-Pesa accounts blocked or used to settle their outstanding balances. This is according to an update to the […]
Auctioneers have failed to find a suitable buyer for the home repossessed from former chief executive officer of Nakumatt Supermarket, Atul Shah over a Sh2 billion debt owed to Kenya Commercial Bank Group. The high-end home located in Nairobi’s Lavington was put up for sale in July, nearly three months after the High Court threw […]
Banks are pushing the Central Bank of Kenya (CBK) to reinstate mobile cash transfer charges whenever customers move money from their bank accounts to mobile money wallets, after making losses due to fall in fees and commissions from such transactions. KCB chief executive Joshua Oigara said that the bank is persuading the regulator to ensure […]
An audit report has soaked Geothermal Development Company (GDC) managing director and embattled CEO Johnson ole Nchoe in an insider fraud after it emerged that he irregularly approved a Sh20 million mortgage scheme for an employee who did not qualify. According to documents in DCI’s possession, Nchoe allowed Simon Cheruiyot, GDC’s Human Resources and Administration […]
Kenya Comercial Bank’s NBK has placed the Kenya Red Cross owned Boma Hotels under receivership following huge debt. The affected include Boma Hotel Nairobi and Boma Inn Eldoret. According to NBK’s financial reports, the last time the said businesses made profits was in 2011 with losses moving up to Ksh1.4 billion in just three years. […]
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 […]
