BoB shuts down Kingdom Bank
Wednesday, May 20, 2015
KBAL, which has no resident depositors based in Botswana, was placed under temporary management by Bank of Botswana (BoB) two months ago due to acute liquidity constraints that resulted in depositors failing to withdraw their monies while workers went unpaid for several months.
An inventory of the balance sheet complied by the temporay managers, Delloite Botswana, thereafter showed that KBAL liablities outweighed its assets by approximately $17 million(P163 million), leading to the BoB, as the regulator, to petition the courts for an order to close down the offshore bank.
The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...