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
Botswana must not be a flag of convenience for rogues

‘A man’s country is not a certain area of land, of mountains, rivers, and woods, but it is a principle and patriotism is loyalty to that principle’.- George William CurtisAccording to the report carried in this publication, the fraudsters operating the so-called “dark fleet” have selected Botswana’s flag as their cover of choice. This is a direct assault on our country’s most valuable asset, the good name.For decades, Botswana has...

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