How Mauritius lender lost Sh967m deposits after Chase Bank collapse
Nairobi, May 25 -- When Mauritius-based Afrasia Bank placed $7.5 million (Sh967.5 million) in Chase Bank Kenya in March 2016, the lender expected the money back within 31 days under a routine fixed deposit deal.
Instead, the cash disappeared into the turmoil of Chase Bank's collapse, triggering a nearly decade-long legal battle over whether the money was ever transferred to SBM Bank after the failed lender was taken over.
Court filings, arbitration proceedings and High Court findings now reveal a fight over missing liabilities, opaque bank transfers and the legal obligations surrounding one of Kenya's biggest bank rescues.
The dispute traces back to March 18, 2016, when Afrasia deposited $7.5 million with Chase Bank at an annual intere...
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