Kenyan lender Chase Bank has been put under receivership by the central bank of Kenya due to liquidity problems.
The lender recorded difficulties in cash flow amidst inaccurate social media reports and the departure of chairman Zafrullah Khan and group managing director Duncan Kabui.
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The company was unable to meet its financial obligations, the central bank said.
Kenya Deposit Insurance has been appointed as receiver of the bank for a year.
"In light of the above, we have appointed the Kenya Deposit Insurance Corporation (KDIC) to assume the management, control and conduct of the affairs and business of the institution and to exercise all the powers of the institution to the exclusion of its Board of Directors and advise CBK of an appropriate resolution strategy as soon as is practicable and not later than twelve months from date of appointment," the central bank said.
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