Court lifts order stopping payment to Imperial Bank depositors
Lawyer Philip Murgor makes his submissions before Mombasa High Court Judge Justice Patrick Otieno during the hearing of Imperial Bank case on July 15, 2016. PHOTO | WACHIRA MWANGI |
The High Court in Mombasa has lifted orders stopping schemes of payment to depositors of Imperial Bank, which is under receivership.
Justice Patrick Otieno discharged the orders to allow the payment plan that was being implemented by two commercial banks.
The order was lifted Friday following a consent between Mombasa-based billionaire Ashok Doshi and his wife, Central Bank of Kenya and Imperial Bank.
The orders were issued in April following an application by the Doshi's who sought the suspension of the payment.
The application by the couple, who have Sh1 billion in deposits at the troubled bank, was based on the grounds that they held both dollar and shilling accounts.
Imperial Bank has been under receivership since October 13 last year.
