Nigel Chanakira's Kingdom crumbles

Creditors and depositors of Kingdom Bank Africa Limited (KBAL) will meet next week to approve claims against the company in the first step for the liquidation of the institution.

KBAL is in liquidation after the Bank of Botswana got a court order in May for the liquidation of the Nigel Chanakira-founded company due to insolvency.

The institution is insolvent with liabilities exceeding assets by $17 million.

The bank had in February been placed under temporary management equivalent to curatorship in Zimbabwean banking vocabulary.