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{
    "id": 133054,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/133054/?format=api",
    "text_counter": 56,
    "type": "speech",
    "speaker_name": "Mrs. Kilimo",
    "speaker_title": "",
    "speaker": {
        "id": 173,
        "legal_name": "Linah Jebii Kilimo",
        "slug": "linah-kilimo"
    },
    "content": "Mr. Deputy Speaker, Sir, an inspection was done before this Question was asked. Our Ministry did inspection on 12th May, 2008. After the inspection, there was an inquiry in January, 2009. An inspection is normally done to find out how co-operative societies are operating. During that time, they noticed that there was some malpractice and Kirinyaga Co-operative Union Bank was closed. Our Ministry advised our members to do investigations privately, so that we could confirm the findings of the auditors. On the issue of bailing out the bank, the management had a meeting in January this year. They agreed to suspend all bank’s activities until investigations are concluded. As I speak now, this bank has got about Kshs101,856,481.85 in non-performing loans. There was so much mismanagement of the funds. The board has not yet come to ask whether they can be bailed out or not because the investigation has not been concluded. In 2006, the Government did bail out the same co-operative society with Kshs72,596,413.25. The Government wrote off those loans. At the moment, we are waiting for investigation report, so that we can advise them on what to do. This is one co-operative society that carried out operations out of its mandate. They started investing in other things like growing coffee. That was not their mandate. This was a banking co-operative society. They also put up a plant in Kirinyaga for animal feeds which was not within their mandate."
}