The Kenya Commercial Bank has announced that it will sell 93 Chase Bank vehicles in a bid to recover loans that were blamed for the collapse of Chase Bank.
The motor vehicles which include cars, trucks, tippers and tractors are estimated to be worth Sh230 Million.
KCB indicated that interested parties are expected to place bids by Friday this week.
The money obtained from the sale of the vehicles is meant to recover loans the directors and insiders of Chase bank irregularly awarded themselves leading to the collapse of the institution.
The Central Bank of Kenya unearthed that Chase Bank insider loans — money advanced to directors, shareholders, associates and employees of a bank — stood at Sh13.62 Billion as of last year.
It later emerged that a Chase Bank director had irregularly lent himself Sh7.9 Billion of depositor's money, prior to the financial crisis that saw the troubled lender placed under receivership
Read Also: REVEALED: The Sh7.9 Billion Loan that 'Killed' Chase Bank
KCB took over the management of the troubled bank in April after it was re-opened and was mandated to manage its assets and liabilities on behalf of the Kenya Deposit Insurance Corporation (KDIC) in order to re-stabilize the bank.
CBK recovered Sh8 Billion in April from the Chase bank directors who had awarded themselves 15-year free interest loans under the guise of Islamic Banking.
