Business / Companies
Nigel Chanakira refuses to step down from AfriAsia board
26 Jul 2013 at 04:55hrs | Views
Kingdom Bank founder Nigel Chanakira says he is not stepping down from the board of AfrAsia Kingdom Holdings Ltd, the holding company that controls the bank.
His comments come in the wake of speculation in the market that he is stepping down from the board of the company amid talks the relationship with his partners - AfrAsia Ltd - could have soured after the bank was forced to write-off part of the $21million bad loan.
Market speculation is rife Chanakira, who sits on the board of AfrAsia Kingdom Holdings Ltd, could be on his way out.
As a golden handshake, it is said Chanakira will get the financial services group's microfinance business, Micro King.
However, Chanakira refuted the claims, saying he is a significant shareholder in the group.
His comments come in the wake of speculation in the market that he is stepping down from the board of the company amid talks the relationship with his partners - AfrAsia Ltd - could have soured after the bank was forced to write-off part of the $21million bad loan.
As a golden handshake, it is said Chanakira will get the financial services group's microfinance business, Micro King.
However, Chanakira refuted the claims, saying he is a significant shareholder in the group.
Source - businessdigest
