Is Sportpesa Going Broke After Chase Bank Was Shut Down With More Than KSh 500 Million Of Its Deposits?

Bookmakers SportPesa is among the institutions whose billions have been locked in Chase Bank after it was shut down last week.

The betting company yesterday said at least Sh500 million of its funds was held in the bank but cleared rumors that they might be going broke soon if they can not access their funds. “It is above Sh500 million but it has no effect on our operations. If it did you will already have heard it from our customers. The bank appeared very stable and we were shocked. People are really suffering out here,” Sportpesa CEO Ronald Karauri said.

The firm is one of the biggest betting companies in the country and is reported to move around billions of shillings from its gambling operations. It is the official sponsor of the Kenyan Premier League.

Among other top government institutions with funds in Chase bank is the Law Society of Kenya (LSK) which declared they have two accounts with the bank with an estimate of KSh 50 Million.

The United Nations Sacco also had Sh800 million of member contributions at the bank under fixed deposits, making it one of the biggest casualties.

Another account holder Strathmore University has asked its students not to deposit any money in its Chase Bank account.

“Kindly note that Chase Bank has been put under receivership. Do not deposit fees into the Chase Bank collection account until advised otherwise,” the university warned its students through SMS.

It is not clear how much the university had in the bank, but it could also run into hundreds of millions of shillings. Strathmore had opened its doors to the bank, even housing one of its branches inside the institution, to make it easy for students to pay fees.

About Trend Africa

Trend Africa
Recommended Posts × +