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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.

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Editor's Comment
Celebrate responsibly, put safety first this holiday

“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...

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