Business / Companies
Kingdom Bank Africa under final liquidation
20 May 2015 at 02:20hrs | Views
The High Court has appointed Max Marinelli and Chris Bray, both chartered accountants in Gaborone to oversee the liquidation of Kingdom Bank Africa.
Nigel Chanakira remained invested in KBAL after having sold his 30 percent equity in AfrAsia Bank Zimbabwe in September 2013.
According to the Botswana central bank, KBAL is insolvent with liabilities exceeding its assets.
KBAL had placed the bulk of its assets on deposit with failed bank, AfrAsia Bank Zimbabwe, also founded by Chanakira.
The collapse of the Zimbabwean institution has negatively affected the operations of KBAL.
Source - The Herald
