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Huge losses for Kingdom Bank depositors

Kingdom Bank is under curatorship for 90 days
Kingdom Bank is under curatorship for 90 days

Depositors at troubled Kingdom Bank Africa Limited (KBAL) might recover as little as P12 for every P100 held in their accounts as investigators have uncovered a massive balance sheet mismatch at the offshore bank.

The bank, which is currently under curatorship for 90 days, looks set to be liquidated when the temporary management period expires in May. 

An inventory of the bank’s assets released by the Bank of Botswana (BoB) on Wednesday, shows that liabilities outweigh assets by as much as $16.7 million (P160 million) with an estimated minimum recovery rate of 12% on deposits.

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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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