SH2B

Nairobi Law Monthly - - Cover Story -

IT IS TRUE THAT THE MAG­NI­TUDE OF THE FRAUD WAS NOT CLEAR AT THE TIME OF IS­SU­ING THE BOND, BUT THE DI­REC­TORS HAD ENOUGH IN­FOR­MA­TION TO WAR­RANT DE­FER­MENT OF THE FI­NAL­I­SA­TION OF THE IS­SUE WITH­OUT CRE­AT­ING MAR­KET PANIC. IF THAT HAD BEEN DONE, IT WOULD HAVE AVERTED SH2 BIL­LION WORTH OF LOSSES.

Value of the cor­po­rate bond is­sued by Im­pe­rial Bank Limited just be­fore it was de­clared in­sol­vent and placed un­der re­ceiver­ship in Oc­to­ber last year

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