Kingdom Bank liquidation hits snag

Marinelli wants to do his job without creditors micro managing him
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.

Editor's Comment
Batswana need to do better to stop FMD

It is a clear signal that the government’s purse is empty and that our own behaviour has left veterinary officials fighting with one hand tied behind their backs. We have been here before. During COVID-19, many of us thought we knew better. We ignored simple rules, we carried on as if the danger was someone else’s problem, and the virus took lives and left our economy on its knees. We are still broke from that experience. Yet now, with FMD...

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