The timeline set by the Central Bank of Kenya for the reopening of Imperial Bank lapsed this week with little hope for thousands of depositors to have access to their funds.
A week that was meant to bring relief to savers was marked by lawsuits and accusations that CBK and the receiver managers, the Kenya Depositors Insurance Corporation, were doing nothing to facilitate the reopening.
The loss of faith and patience on the part of shareholders, who volunteered information about the state of the bank, does not reflect well on the regulator, who faces accusations of abetting the fraud at the bank.
The shareholders have complained that the regulator has failed to hire experts to help recover the stolen funds — which would be critical in the reopening of the bank — as well as help in its revival.
While the two may have their reasons for taking that position, it is the interest of innocent depositors that makes for a call to fast-track the final decision whether to reopen or liquidate the bank to allow access to funds.
Keeping depositors, who currently have no say in the decisions made, in abeyance does not augur well for either side.
SOURCE: DAILY NATION