Kenya Power has Sh322.4 million locked up at the collapsed Imperial Bank, the electricity distributor has disclosed.
The Nairobi Securities Exchange-listed firm reported the amount in its latest annual report, ranking among the large depositors who risk losing tens of millions of shillings following the bank’s failure in October last year.
“Imperial Bank deposits provision relates to a provision recognised against the full amount of cash that Kenya Power and Lighting Company Limited had invested in Imperial Bank of Kenya,” the company says in the report.
The lender was placed under statutory management after a multi-billion shilling fraud was revealed, with the lender’s top executives and directors implicated.
The bank’s collapse sent shockwaves among depositors, with those holding large sums staring at hefty losses.