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{
"id": 214410,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/214410/?format=api",
"text_counter": 260,
"type": "speech",
"speaker_name": "Mr. Kenneth",
"speaker_title": "The Assistant Minister for Finance",
"speaker": {
"id": 167,
"legal_name": "Peter Kenneth",
"slug": "peter-kenneth"
},
"content": " Mr. Temporary Deputy Speaker, Sir, from the very beginning, I said that this was a very weighty matter, that we should not make light of. We are talking about the largest institution in this country in terms of a clientele base. There are over one million depositors or clients in that bank. Therefore, we must be serious, precise and go to the point of the truth of the matter. I did not, at any one point, say that the hon. Member cast any aspersions. What I said is that we must not cast aspersions on the integrity of an institution, because that bank is an institution which is serving over one million clients. Mr. Temporary Deputy Speaker, Sir, I did say, and this came by way of clarification, that I am not aware that the Chief Executive Officer was mentioned in the Goldenberg Report, which is in the public domain. I do not know that the Chief Executive Officer worked for Trade Bank. But I do have two dates which are important for the hon. Member to know. Trade Bank went under in 1989, while Equity Bank was started in 1982. If as part of his history, the Chief Executive Officer had worked in Trade Bank and then moved to Equity Bank, it would be immaterial, realizing that the collapse happened in 1989 and Equity Bank was started in 1982. Mr. Temporary Deputy Speaker, Sir, I was asked about the value of the shares. We addressed this issue, not so long ago, when hon. J. Nyagah, talked about the Capital Markets Authority. One of the things that I agree with hon. Midiwo, is that there is need for more players to be listed as stock brokers, and I answered that, in this House, affirmatively. Mr. Temporary Deputy Speaker, Sir, I said that this was a study that had actually recommended that there should be a number of more players, so that we can demystify the Nairobi Stock Exchange (NSE). That is in process. Mr. Midiwo, in fact, talked about the NSE. Mr. Temporary Deputy Speaker, Sir, I can also confirm to this House that going by the prudential guidelines issued by the Central Bank of Kenya (CBK), Equity Bank is a very healthy bank. I can also confirm that going by the Capital Markets Authority (CMA) rules, they have fulfilled all of them. I can also confirm that when these allegations, first of all, featured not so long ago, Keat Peak Marwick Group (KPMG) undertook a forensic audit of Equity Bank. It has also given it a clean bill of health. Mr. Temporary Deputy Speaker, Sir, something was brought about Uchumi Supermarkets Limited. I would like to inform the hon. Member that the turnaround of Uchumi Supermarkets Limited has actually taken place. They finally declared a profit of Kshs35 million just a week ago. They are on their way back to the NSE. Mr. Temporary Deputy Speaker, Sir, coming to the point that was raised by hon. Marende, I am not aware of any directive. I would actually ask the hon. Member, when he has an opportunity, to show me that particular directive. However, on the acquisition of Industrial Development Bank (IDB), which hon. Marende raised, the fact of the matter is that IDB had started a retail section when they were actually a development bank. On a willing-buyer, willing-seller basis, they sold out the retail section to Equity Bank. They did not merge. They sold the retail section of the development bank when the IDB realised that, that retail section was no longer making sales. Thank you, Mr. Temporary Deputy Speaker, Sir."
}