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.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

Have a Story? Send Us a tip
arrow up