By DAVID MWEREMore by this AuthorThe National Assembly wants the National Bank of Kenya (NBK) management to explain why it has been reluctant to submit its financial statements to the Office of Auditor General. INVESTIGATIONSThis comes as the House committee on Finance and National Planning commences investigations into the NBK’s Sh6.1 billion controversial takeover by Kenya Commercial Bank (KCB). TAKEOVERConsequently, the Office of the Clerk has directed that the NBK management appears before PIC, chaired by Mvita MP Abdulswamad Sharif without fail. CMA Act requires that an independent advisor carry out an independent valuation of NBK to be included in shareholders circular for approval. According to the statement by KCB, the acquisition would be by share swap of 10 ordinary NBK shares for one ordinary KCB share.

Source: Daily Nation May 20, 2019 20:48 UTC