Fees dispute stalls KBAL liquidation

A dispute between Kingdom Bank Africa Limited (KBAL) creditors and former liquidator, Deloitte over payment of fees for services rendered has stalled the liquidation process of the defunct bank.

Deloitte’s Max Marinelli resigned as the liquidator of KBAL in March this year after falling out with the creditors, but has now declined to hand over the case to the new liquidator, John Little, before he is paid.

On Wednesday, director of tax services at Deloitte, Terry Brick told BusinessWeek that the creditors have declined to pay Delloite for the services rendered since June last year when they were appointed the liquidators.

Editor's Comment
Let’s get the constitutional amendment right

Their concerns highlight the need for meaningful dialogue between government and relevant stakeholders to ensure the best interests of the country are served.This was in addition to other voices from opposition politicians and civil society organisations.The stance underscores the importance of citizen participation in the constitutional amendment process. The AFM rightly assert that such weighty matters demand thorough discussions to reflect the...

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