The Central Bank of Kenya has moved to court to seek a refund of Sh45 billion from Imperial Bank directors and shareholders.
In an application filed at the High Court, CBK has sued Director Alnashir Popat ( the first defendant) and nine other directors for Sh 2.7 billion they purportedly declared as dividends.
According to the CBK, if Imperial bank fails to provide justified documents, depositors and shareholders may not access their deposits from the bank that is still under recerviship.
Through Murgor and Murgor Company Advocates, CBK suggests that companies owned by Imperial Bank Directors, Imaran Ltd, Aster Properties Limited, Upperview Properties Ltd, Brandy Blue Ltd, Nav Plastic Ltd, to be held accountable to pay the money.
“Through the breach of fiduciary duties, gross negligence, fraud and breaches of the Companies Act, the first to sixth defendants caused the loss of Sh38 billion of the first plaintiff’s assets and depositors funds, whose loss rises to Sh42.2 billion, which is at a risk of not being recovered due to inadequate documentation and no security,” read the application apart.