Akiba Micro-Finance seeks Sh4bn from Central Bank for closing its operations
Gideon Mwiti Irea. The CBK has failed to reach an out-of-court settlement with Kenya Akiba Micro-Finance Limited Company which is associated with the former Imenti Central MP. PHOTO | FILE | NATION MEDIA GROUP
In November 2005, policemen, officers of the Banking Fraud Investigation Unit (BFIU) and CBK officials closed the company.
In January this year the two parties agreed to settle the case through mediation but the efforts flopped.
A few days after its operations were halted, Akiba filed a counter suit seeking compensation for damages.
Taxpayers could end up paying more than Sh4.5 billion in fines to a defunct micro-finance company associated with a former MP which was shut down by the Central Bank of Kenya 13 years ago.
This is after the CBK failed to reach an out-of-court settlement with Kenya Akiba Micro-Finance Limited Company which is associated with former Imenti Central MP Gideon Mwiti Irea.
