Huge losses for Kingdom Bank depositors

Friday, March 13, 2015

Kingdom Bank is under curatorship for 90 days

Depositors at troubled Kingdom Bank Africa Limited (KBAL) might recover as little as P12 for every P100 held in their accounts as investigators have uncovered a massive balance sheet mismatch at the offshore bank.

The bank, which is currently under curatorship for 90 days, looks set to be liquidated when the temporary management period expires in May.

An inventory of the bank’s assets released by the Bank of Botswana (BoB) on Wednesday, shows that liabilities outweigh assets by as much as $16.7 million (P160 million) with an estimated minimum recovery rate of 12% on deposits.

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