Kenya Deposit Insurance Corporation has placed in receivership, a debtor company in Dubai Bank Ltd (in liquidation).
KEMU Salt Packers and Production Limited, associated with the former Chairman Hassan Zubeidi, has been placed in receivership with effect from 6th September 2106.
To this end, M/s Ernst & Young have been appointed the receivers and have effectively taken over the management of the company.
KEMU Salt is involved in harvesting and production of salt in Malindi, and currently occupies 7,450 acres of land.
The Company, together with other related parties associated with the former chairman, have a total exposure of over Kshs1 billion owed to Dubai Bank Ltd. (IL).
KDIC will continue to discharge its mandate to recover debts owed to Dubai Bank (IL) and all other institutions under its purview, for the benefit of depositors and creditors who lost their hard earned savings.
Once again Depositors of Dubai Bank Limited are requested to file in their claims for payment of the protected deposits.