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{
    "id": 310307,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/310307/?format=api",
    "text_counter": 80,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": "Mr. Deputy Speaker, Sir, following the investigations done by the task force and, subsequent, admissions of violations of the Banking Act by Charterhouse Bank, the CBK levelled a penalty of Kshs1 million on 19th January, 2005. There was a meeting held on the same day at the CBK chaired by the then Governor. The then Managing Director of Charterhouse Bank confirmed that corrective action would be taken to remedy the weaknesses and violations that were highlighted in the report. There was a follow up of inspection requested by station on 10th February to establish the status of compliance of review of the bank’s licence. It was observed that to a large extent the observations and violations had largely been remedied, except the levy in excess of more than 25 per cent to a single borrower, insider lending without adequate security, inadequate provisions of bad debts and doubtful debts, inability of management to take reasonable measures to secure accuracy of returns submitted to CBK, and failure to obtain account-opening documentation for a number of customers - not all of them - as required by the CBK prudential lending guidelines. So, all these were brought to the attention of the institution, but to a large extent, they did take corrective measures."
}