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Governor says KES 50M County cash 'lost at Chase Bank'

14 April 2016, 13:46 Philomenah Chebet

Nairobi - Trans Nzoia County government is among the institutions that are counting hefty losses after Chase Bank was put under receivership over liquidity issues.

Governor Patrick Khaemba on Wednesday disclosed to journalists that the bank which was shut down early this month sunk with KES 50 million belonging to his County government.

“We had an account at the institution for our Elimu Bursary kitty. We planned to issue KES4 Million to beneficiaries this week but we have shelved the plans. We are in the process of recalling cheques we had earlier issued as we wait for the problem to be sorted,” explained Khaemba.

The Governor who spoke at Sikhendu market in Kiminini Constituency at the same time sharply criticized Central Bank of Kenya (CBK) boss Dr Patrick Njoroge for not doing enough to protect Kenyans.

Apart from Chase Bank, two other banks have in the last eight months collapsed with billions of shillings belonging to depositors.

“Chase Bank was rated as the second best performing bank last year with the full knowledge of CBK. This forced individuals and the public to be attracted to it only for it to close shop less than a year. Dr Njoroge owes Kenyans an explanation,” said Khaemba.

The other two  financial institutions that have gone under include; Dubai Bank and Imperial Bank were shut down in August and October after they experienced liquidity difficulties.

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