CBK’s NJOROGE in deep trouble! The collapse of Imperial Bank leads directly to his doorstep.Editor's Choice 01:42
Sunday, November 20, 2016 - Central Bank of Kenya Governor, Dr Patrick Njoroge, has been sucked into the collapse of Imperial Bank in 2015 after details emerged that CBK officials were involved in a criminal cover up that led to the closure of the bank.
In a letter dated November 9th addressed to Njoroge and CBK Board chairman, Mohamed Nyaoga, the depositors claim that Njoroge placed the bank under receivership without the legitimate authority of the law.
“At the time when Njoroge placed IBL in receivership, CBK did not have a functional Board of Directors. In the absence of a board, the CBK was not in a position to verify the allegations upon which the Governor based his decision in closing Imperial,” the depositors said through their lawyer.
They also alleged that top managers at CBK took bribes from Imperial Bank and assured them that they will continue to run their activities normally.
The depositors threatened to sue Njoroge personally if he fails to respond in seven days.
“If the CBK enforced the law and desisted from receiving bribes and other favours from IBL, the chance of the bank failing to meet its obligation would have been totally impossible. The only reason Imperial Bank failed to meet its obligations to their clients and other depositors is because the regulator failed to enforce the law and allowed the bank to be run and be managed like a kiosk,” they said in the letter.