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
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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