Kingdom Bank liquidation hits snag

Friday, November 13, 2015

Marinelli wants to do his job without creditors micro managing him

The liquidation of Kingdom Bank Africa Limited (KBAL) was on Tuesday derailed after creditors declined to give the liquidator, Max Marinelli, autonomous authority to sell the assets of the defunct offshore bank.

In a seven-hour long heated meeting in which BusinessWeek played fly on the wall, creditors refused to adopt resolutions that would have authorised Marinelli to execute the liquidation, beginning with the sale of the KBAL headquarters in Gaborone.

According to the Company’s Act, a liquidator is only empowered to execute his duties by a set of resolutions adopted from a full creditors’ meeting.

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