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{
    "id": 327099,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/327099/?format=api",
    "text_counter": 837,
    "type": "speech",
    "speaker_name": "Mr. Okemo",
    "speaker_title": "",
    "speaker": {
        "id": 198,
        "legal_name": "Chrysanthus Barnabas Okemo",
        "slug": "chrysanthus-okemo"
    },
    "content": "Mr. Temporary Deputy Chairman, Sir, I really do not understand where the objection from the Minister for Finance is coming from. This amendment was put there for a purpose. The existing law today specifies that the statutory manager can be appointed to be in a bank for only one year; if there is need for an extension then one goes to court. The court can only grant one a maximum of one year. I will give you a practical example of Charterhouse Bank. The statutory manager has stayed beyond the two years, seven years. There is no law here today on how to remove such a statutory manager who stays in a bank illegally. So, we are trying to cure it by saying that we must define a period and sanctions must be applied if you break the law. That is the lacuna we are trying to cure. You do not go beyond the statutory period of one year and extension is only up to one year by the courts. If you stay beyond the two years, what does the law do to you? What action does the bank take to make sure that you go away? This is because this statutory manager now lives in Charterhouse Bank and has refused to go. Even if you talk to the CBK they have no way of getting this statutory manager away. So, we are trying to introduce sanctions so that the statutory manager is in the bank legally."
}