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
Hundreds Protest Against Planned US Ebola Quarantine Facility in Kenya
President Ruto Defends Laikipia Ebola Quarantine Centre, Tells Critics to ‘Relax’
“Raila Died Walking, He Didn’t Collapse,” Maurice Ogeta Breaks Silence On His Boss’ Final Moments
Bolt Denies Viral Exit Claims, Says Kenya Operations Remain Fully Active
Secret Trident Meetings, Claims of Millions Exchanged: Fresh Questions Raised Over PCF Boss Mohammed Sahal’s Role in Insurance Battle
The Kamukunji Cash Pit: Ghost School, Phantom Audit Trails and NG-CDF Manager Who Refuses to Leave
Lawyer in Sh65 Million Fake Gold Scandal Dragged to Court as Investigators Uncover Web of Suspicious Deals
THE GREAT HOLLOWING: How James Mworia Extracted KES 750 Million While 33,000 Centum Shareholders Lost Everything
Port Tycoon Samuel Kairu Dragged Into Sh500 Million Mombasa Port Tax Scam
Couple Charged With Sh13.8 Million Forex Fraud
Why Ruto’s Favourite Candidate Adan Mohammed Could Be Locked Out of the KRA Top Job
Este Medical Kenya Fights American’s Explosive Complaints
Safaricom’s Sh1.4 Billion Reckoning: How Kenya’s Most Profitable Company Stole a Man’s Idea and Got Caught
LifeCare on the Brink: SHA Fraud, Stolen Wages, and the Rotten Empire Jayesh Saini Built
The Rot Inside Absa: How Bank Insiders Are Looting Nairobi’s Customers
The $24 Million Heist at the End of the World
Denial Under Duress: The Untold Collapse Threatening David Lagat’s DL Group’s Empire
THE INSURER THAT TOOK YOUR PREMIUM AND FORGOT YOUR NAME: How ICEA Lion Left a Client Begging for Sh7.8 Million Across Four Months
Court Confirms Safaricom Customers Data Was Sold To Betting Companies In Seven-Year Cover-Up
Eight Students Arrested In Kenya After Suspected Deadly School Arson Attack
-
News1 week agoEste Medical Kenya Fights American’s Explosive Complaints
-
Investigations7 days agoLifeCare on the Brink: SHA Fraud, Stolen Wages, and the Rotten Empire Jayesh Saini Built
-
News4 days agoEight Students Arrested In Kenya After Suspected Deadly School Arson Attack
-
Americas1 week agoInside FAFSA Fraud: How Kenyan Cybercriminals Siphoned Millions from America’s Sh12 Billion Student Loan System
-
Business2 weeks agoBlocked: How Mombasa Tycoon Ashok Doshi Has Stopped Imperial Bank Depositors From Getting Their Money
-
Investigations1 week agoLSK On The Spot For Renewing Rogue Lawyer Dennis Onyango’s Licence Despite Mounting Evidence He Held Foreign Investors’ Millions Hostage
-
Investigations1 week agoYour Medical Records Were Wide Open: How Three Digital Lenders Hacked the Heart of Kenya’s Health System and the DHA Chief Who Looked Away
-
Investigations6 days agoThe Invisible Hand: Al Jazeera Further Exposes How Safaricom Became The Regime’s Most Powerful Spy