{UAH} Kenya's Chase Bank placed under receivership by CBK

Chase had recently released two conflicting financial statements, a BBC reporter says.

A subsequent audit showed it had hidden loans to its directors, adds the BBC's Ferdinand Omondi in the capital, Nairobi.

One depositor told the BBC that he had $100,000 (£70,000) at Chase, and he had no idea whether he would get the money back.

On Wednesday, Chase dismissed its chairman and group managing director following the release of two conflicting financial statements.

One of them had downplayed the bank's internal loans, says our correspondent.

An audit later showed the bank had loaned its directors $80m, and its bad debts had skyrocketed to $100m.

The bank posted a profit of $23m in 2014, only to record a loss of $7m the following year.

Sincerely,

Brian M. Kwesiga

Ugandans At Heart (UAH)