via Chanakira’s Kingdom crumbles – NewsDay Zimbabwe July 20, 2015
CREDITORS and depositors of Kingdom Bank Africa Limited (KBAL) will meet next week to approve claims against the company in the first step for the liquidation of the institution.
by BUSINESS REPORTER
KBAL is in liquidation after the Bank of Botswana got a court order in May for the liquidation of the Nigel Chanakira-founded company due to insolvency.
The institution is insolvent with liabilities exceeding assets by $17 million.
The bank had in February been placed under temporary management — equivalent to curatorship in Zimbabwean banking vocabulary.
In a notice, the bank’s joint liquidators Max Marinelli and Chris Bray said the meeting would be convened before a representative of the Bank of Botswana at Deloitte House in Gaborone on July 28.
The meeting will also receive the report of the joint liquidators and also receive a brief from a representative of the Bank of Botswana. The meeting also has to authorise the disposal of the assets belonging to the company among others.
KBAL was established in 2002 by the then Kingdom Financial Holdings Limited (KFHL), now AfrAsia Zimbabwe Holdings (AZH) as a representative office in Botswana for its banking subsidiary Kingdom Bank.
It was authorised to offer the whole spectrum of offshore investment banking solutions to any client, including, but not limited to individuals and institutions such as corporates, partnerships, parastatals, trusts, non-governmental organisations, cooperatives that are non-resident.
KBAL’s business model was constructed around perceived resource driven opportunities obtaining in Sub-Saharan Africa, with the intention of promoting a culture of savings, investments and enhancing trade between Africa and its trading partners in various world markets.
When Chanakira moved out of AZH, he got KBAL as part of the transaction after giving his 30% shareholding in the group.