Sources indicate that evidence of parallel banking operations being ran within the bank were discovered as the bank sought went through a succession process in its top management.

The shocking development comes against the backdrop of the death of the bank's MD Janmohammed on September 15, 2015 of a reported heart attack.

It also comes at a time when the economy is experienced a cash crunch suggesting that the lender was perhaps experiencing problems meeting its obligations as and when they became due.

The bank lent other banks money as recently as yesterday before today's announcement.

Or maybe its an inexperienced CBK Governor using a hammer to open a groundnut, with little regard to the damage this can do to the whole system?

I still believe it is the sudden/unexpected death of the late MD that has opened the Pandora’s Box. There must have been unethical practices chini ya maji and he must have known how to play his game. Some uninitiated guy(s) must have come to the table and spilled the beans.

Its a sad state coming as a shock to all stakeholders.

Information has it that since the passing of the former group MD there has been serious wrangles in the management with other shareholders seeking to have their own as the lead. The head credit had been appointed as the acting. The bank majorshareholder is Imperial Securities Ltd whose principal shareholder is the late 'Janmohamed'

Its more of a statutory management under CBK to help control the wrangles rather than a receivership which is more worse.

Lets wait for KDIC to give a way forward, No need to panic i would say.