Chanakira’s KBAL insolvent, temporary manager’s report shows

HARARE,–Nigel Chanakira’s Kingdom Bank Africa Limited is technically insolvent, with liabilities of $19 million against assets worth $5,2 million, a report by the bank’s temporary manager has shown.

Chanakira’s KBAL insolvent,  temporary manager’s report shows

The Bank of Botswana last month put KBAL under temporary management for a period of three months to allow for investigations into the state of the financial institution.

Out of the liabilities, $18 million were depositors funds, according to a statement dated March 4 issued by the temporary manager, Jennifer Marinelli on the BoB website.

KBAL remained as Chanakira’s sole foothold in the financial sector after Mauritian firm, AfrAsia Bank Holdings bought him out of Kingdom Financial Holdings, which it rebranded AfrAsia Zimbabwe.

AfrAsia last month pulled out of Zimbabwe, leading to the local bank surrendering its operating licence and placing the its two subsidiaries, microfinance firm MicroKing, and asset manager AfrAsia Capital Management (ACM) under a cloud.

The Bank of Botswana put KBAL under temporary management on February 16, just before AfrAsia announced its withdrawal from Zimbabwe, although the Reserve Bank of Zimbabwe issued the notice on Friday.

Share this:

Arts & Entertainment

Arts & Entertainment

Damian Marley’s deep love for Africa

24th May 2017 Staff Reporter 0

Damian Marley’s 2010 collaboration album with Nas, Distant Relatives is littered with references to Africa’s rich cultural background. During the recording of the album Marley and Nas dug through archives of African music in search […]

1 Trackbacks & Pingbacks

  1. Zimbabwe Firms Removed, but Mugabes Stay On Us Sanctions List - The Zimbabwe Mail - Zimbabwe Consolidated News

Leave a Reply

Your email address will not be published.