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{
    "id": 603978,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/603978/?format=api",
    "text_counter": 53,
    "type": "speech",
    "speaker_name": "Sen. Kagwe",
    "speaker_title": "",
    "speaker": {
        "id": 229,
        "legal_name": "Mutahi Kagwe",
        "slug": "mutahi-kagwe"
    },
    "content": "Thank you, Mr. Speaker, Sir. The Question that I sought regarding the closure or otherwise the suspension of the operations of the Imperial Bank by the Central Bank of Kenya is that the situation from the time we asked has not changed. The Central Bank has been given a way forward by the directors of the Imperial Bank including the reopening of this bank so that the 54, 000 account holders do not suffer. The proposal that has been given by the directors is that they are willing to put in Kshs 10 billion to salvage the bank. The shareholders are willing to put in 23 per cent of their deposits as equity. The directors have subsequently indicated that the Central Bank knows who conspired to steal Kshs 38billion from the bank. They are seeking the assistance of the Central Bank and the Government to recover the money so that the bank can reopen. The Central Bank continues to indicate via the media that there is no way forward that has been provided or suggested by the directors. That is not true. It is in the public domain that the directors want the bank reopened and are willing to put their money where their mouth is. It appears that there could be individuals who do not want this bank reopened for their own selfish reasons. If it is not reopened, the fate of the Kshs38 billion that has been stolen from the bank will disappear and it becomes a case of the bank closing and that is the end of it. It is important that this House and particularly the Committee on Finance, Commerce and Budget intervenes in this matter and interviews the directors of the bank so that we know exactly where the problem is. The Central Bank inspectors had passed a clean bill on this bank on two occasions after whistleblowers had told them that there was a problem in the bank. It is within the bounds of imagination that people in the Central Bank do not want to expose themselves, their inadequacies, inabilities so that they close the bank to escape taking responsibility for 54000 account holders. Mr. Speaker, Sir, may I seek that the Chair of the Committee gives further information on this matter and in absence of further information to agree that the directors of Imperial Bank should be called to the Committee to give the correct position. Currently, my view is that we do not know the truth about this bank."
}