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{
    "id": 214377,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/214377/?format=api",
    "text_counter": 227,
    "type": "speech",
    "speaker_name": "Mr. Kenneth",
    "speaker_title": "The Assistant Minister for Finance",
    "speaker": {
        "id": 167,
        "legal_name": "Peter Kenneth",
        "slug": "peter-kenneth"
    },
    "content": " There are Standing Orders. Could I, please, answer, then you can ask questions? Mr. Temporary Deputy Speaker, Sir, banking is a fundamental issue. Last year, an issue was raised on a bank here and it led to the collapse of that bank. We must be very careful with some of the issues that we raise here. Unless they are verified and substantiated, we should not make light of the issues. Equity Bank was incorporated in 1982 by an hon. Member of this House who is seated in this House. The share capital at that time of incorporation, was Kshs1 million and, therefore, the issue of Kshs200 million having come from Trade Bank to incorporate Equity Bank would not 2402 PARLIAMENTARY DEBATES July 11, 2007 have arisen. I am not aware that the Chief Executive Officer (CEO) was named in the Goldenberg Inquiry. The facts of the report of Goldenberg Inquiry are there for everybody. But I am not aware. Mr. Temporary Deputy Speaker, Sir, for you to qualify to be a Managing Director of a bank, there are various sets of requirements by Central Bank of Kenya (CBK) which the CEO of Equity Bank has fulfilled. He qualifies and is fit to be the Managing Director and he has been honoured by United Nations (UN) agencies for the role in which he has played in micro-finance in this country. In August last year, Equity Bank was taken to the Nairobi Stock Exchange. The bank met all the requirements of Capital Markets and Nairobi Stock Exchange and one of the requirements is that no shareholder should own more than 20 per cent of a bank. Mr. Mwangi, does not own more than 10 per cent of Equity Bank. I have been asked about the role of Dyer and Blair and I can only say that Mr. Jimna Mbaru is a shareholder of Equity Bank in his own right like any other Kenyan who would go to the Nairobi Stock Exchange and buy shares because Equity Bank is listed. I am not aware of any manipulation."
}