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{
    "id": 1563309,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1563309/?format=api",
    "text_counter": 44,
    "type": "speech",
    "speaker_name": "Sen. Chimera",
    "speaker_title": "",
    "speaker": null,
    "content": "Thank you, Mr. Speaker, Sir. I rise pursuant to Standing Order No.53(1) to seek a statement from the Standing Committee on Finance and Budget on a matter of national concern, regarding the collapse and liquidation of Imperial Bank Ltd, Kenya. Mr. Speaker, Sir, the collapse of Imperial Bank Ltd in 2016 adversely affected thousands of depositors, many of whom lost access to their life savings and working capital. In December 2021, the Central Bank of Kenya (CBK) appointed the Kenya Deposit Insurance Corporation (KDIC) as liquidator of Imperial Bank Limited In Receivership (IBLIR) in terms of Section 53(2) and 54(1)(A) of the Kenya Deposit Insurance Act 2012, with the objective of reimbursing affected depositors and creditors. In the statement, the committee should address the following: (1) The total number of depositors who had banked with Imperial Bank Ltd at the time of its closure, including the total value of deposits held and the amount that has so far been refunded to the depositors. (2) The progress made in the sale and disposal of Imperial Bank's remaining assets and how the proceeds are being applied towards depository funds. (3) The measures and strategies currently in place by the CBK and KDIC to ensure that every depositor, regardless of the amount held, is fully refunded in a timely and transparent manner. (4) Whether individuals involved in the fraud and mismanagement that led to the collapse of the bank have been identified, prosecuted and held accountable under the law. (5) The policy reforms or safeguards being introduced or considered to prevent similar incidents in Kenya's banking sector in the future. Mr. Speaker, Sir, I have a second statement. With your kind permission, I can go ahead to read it. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}