Deposit Protection Corporation to sue failed banks directors who abused depositor's funds
The Deposit Protection Corporation (DPC) will sue all bank directors and shareholders who abused depositors’ funds, leaving the institutions without enough assets to recover the funds.
In an interview with The Herald DPC chief executive Mr John Chikura said that they are determined to recover all or a significant portion of the depositors funds that were lost in the failed banks. The corporation is already suing Interfin Bank for prejudicing depositors of $136 million.
They are also in the process of compensating depositors of failed banks including AfrAsia, Allied Bank, Genesis Investment Bank, Capital Bank, Royal Bank, Trust Bank and Tetrad Investment Bank, to a maximum insurable limit of $1 000.