Dubai Bank founder faces jail term in row with CBK

Business Daily (Kenya) - - TOP NEWS -

For­mer Dubai Bank chair­man Has­san Zubeidi has been cited for con­tempt of court in a long-stand­ing tus­sle with the Cen­tral Bank of Kenya (CBK) over his re­fusal to grant re­ceiver man­agers ac­cess to Malindi-based Kemu Salt Pack­ers – a com­pany he fully owns.

Mr Zubeidi’s trou­bles are rooted in an ear­lier court bat­tle with the Kenya De­posit In­sur­ance Cor­po­ra­tion (KDIC) – a CBK as­so­ciate – that got orders to place Kemu Salt Pack­ers un­der re­ceiver­ship to re­cover funds the busi­ness­man is be­lieved to have ob­tained il­le­gally from Dubai Bank.

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