Chase Bank Kenya Executives Resign After Earnings Restated
- Lender says deposits are safe as auditors qualify results
- Chairman, managing director to `step aside,' Chase says
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Chase Bank Kenya Ltd., a closely held lender, assured customers their deposits are safe as the company’s chairman and managing director resigned after financial results issued last week were restated to show loans to directors and employees more than quadrupled.
Chairman Zafrullah Khan and Managing Director Duncan Kabui “have stepped aside” from their positions following the release of the company’s 2015 earnings, the Nairobi-based lender said in an e-mailed statement on Wednesday, without giving reasons for the changes. The latest results received a qualified opinion from auditors Deloitte & Touche.