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Govt Goes After Loan Defaulters to Recover Ksh 45B
Central Bank of Kenya (CBK) building in Nairobi.
Simon Kiragu
Kenyans.co.ke
The Government through the Kenya Deposit Insurance Corporation (KDIC) is seeking loan defaulters in 27 collapsed banks as it moves to recover Ksh45.5 Billion.
Individuals and businesses who have not serviced their loans in the failed banks such as Chase, Dubai and Imperial risk having their properties auctioned in the recovery process.
The Agency is seeking a management company to that effect and will use legal charge documents held by the banks as securities for the outstanding loans. KDIC seeks to appoint a competent management company to oversee the operations of some of the borrowers of problem banks to recover the amount borrowed from the banks, KDIC stated.