The Kenya Deposit Insurance Corporation has wound up Fortune Finance Limited, a Moi era bank that collapsed with Sh320 million depositors’ cash nearly two decades ago. Speaking exclusively to the Star, KDIC chief executive Mohamud Mohamud said the lender has been under liquidation since September 2000 and ceased to exist after creditors completed review of the its accounts without raising any objection. “The winding up of Fortune Finance brings to nine the number of banks that we have successfully concluded compensation,” he said. Since 1993, the insurer has liquidated 25 banks including Post Bank Credit, Meridien BIAO, Ari Bank Corporation, Reliance Bank, Trade Bank, Thabiti, Daima Bank and Dubai Bank. Others are Prudential Building Society, Middle African Finance, Pan African Bank, Kenya Finance, Trust Bank and Euro Bank.

Source: The Star February 27, 2019 20:37 UTC