Is Kenya INC Broke, Or Is It Just Broken?
- Written by John Githongo
Earlier this week the Central Bank of Kenya announced that it had put Imperial Bank under statutory management for what the CBK described as ‘unsafe business conditions at the bank’. This forced the Nairobi Securities Exchange to suspend it’s listing and locked in Sh58 billion of depositor’s funds. Media reports hinted at ‘massive fraud’. Imperial Bank was said to be one of the top ‘second tier’ banks in the country. As a result the CBK’s action sent ripples of anxiety through the banking fraternity and business community not only because it happened but how it happened: reminding Kenyans of the…
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