Kenya power technicians fixing an electricity line (photo/ business daily)
Kenya power has recovered sh 34.1m from imperial bank that collapsed in October 2015.
The cash was part of the sh 288.3 million deposited in the bank by the listed electricity supplier.
The annual report from Kenya power discloses receipt of the funds from the failed bank as part of the sh 288.3 million deposited in the bank.
“Included in cash and bank is an amount of Sh288.28 million deposited in Imperial Bank Limited which was placed under receivership in 2015,” Kenya Power says in its report.
Kenya power is among the largest depositors in the bank which is up for sale who risk losing a large amount of deposited cash.
Kenya power explain s that it did not have any fund in chase bank which was placed under receivership in 2016.In June 2016, CBK appointed NIC Bank as a consultant for Imperial Bank with a key task of separating the “good bank” from the “bad bank” on a legal arrangement technically referred to as “exclusion and transfer process.”NIC made over sh 10.7 b payments and collected sh 5b from imperial bank's customers.