Panicked customers withdraw their cash from Chase Bank Kenya earlier this week over rumors about the bank’s poor financial state, but by Thursday, the bank was under receivership, its top officers, fired, and customers could no longer withdraw money, TheStarKenya reported.

Kenya Central Bank on Thursday placed Chase Bank Kenya under receivership for 12 months to protect depositors, creditors and the public.

Receivership is a type of corporate bankruptcy where an individual or entity — in this case, Kenya Deposit Insurance Corporation — is appointed by bankruptcy courts, creditors, or governing body — in this case, Central Bank of Kenya — to run the company.

The central bank said Chase Bank Kenya had experienced liquidity difficulties following inaccurate social media reports and the departure of two directors, and was not able to “meet its financial obligations on April 6,” according to BusinessDayLive.

StandardMedia reported that Chase Bank fired top officials on Wednesday after questions arose over financial reporting.

Chase Bank’s Chairman Zafrullah Khan and Group Managing Director Duncan Kabui were fired after the bank released two conflicting sets of financial statements within six days. The first set understated insider loans to staff and directors by about Sh8 billion ($79 million US), necessitating the second set of statements, StandardMedia reported.

A week ago, another lender, National Bank of Kenya, suspended CEO Munira Ahmed and five other top managers over audit queries.

Governor Njoroge of Kenya’s Central Bank promised to enforce discipline in the banking sector, closing two banks within his first three months in office and demanding that lenders raise their provisions for loans commensurate with their levels of lending and the higher default risk following interest rate changes. Imperial Bank and Dubai Bank were closed for what was described as toxic lending practices, according to the Central Bank Kenya boss, BusinessDayLive reported.

The privately owned Chase Bank Kenya said on Wednesday that Khan and Kabui had left the bank but gave no reasons why.

On Wednesday the bank reissued results published last week, restating its liabilities and loans to employees and directors.

Chase Bank posted a 686.4 million shilling ($6.8 million) loss in the 12 months through December after stating a profit of 2.36-billion shillings a year earlier, Bloomberg reported.

The bank’s restated results on Wednesday showed loans to employees and directors in 2015 amounted to 13.6-billion shillings. On March 31, it had reported that figure as 3.24-billion shillings.

Njoroge denied there is a systemic problem in Kenya’s banking sector. Higher provisioning for bad and doubtful debts by banks is a positive development, he said. “You should not view this as a systemic problem,” he said.

Shareholders in Chase Bank include Amethis Finance, a Luxembourg-based private equity fund; responsAbility Global Microfinance Fund, also based in Luxembourg; and KfW, the German development-finance group, according to an April 2015 document published on the lender’s website, BusinessDayLive reported.

In June, Chase Bank Kenya sold 3-billion shillings of debt as part of a 10-billion shilling medium-term note program.

Global Credit Ratings, a Johannesburg-based company, in July assigned Chase Bank an A-(KE) rating with a stable outlook, Reuters and Bloomberg reported.

Njoroge has threatened to blacklist audit firms he suspects are colluding with lenders to conceal financial challenges, StandardMedia reported.