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{
    "id": 632356,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632356/?format=api",
    "text_counter": 63,
    "type": "speech",
    "speaker_name": "Hon. Midiwo",
    "speaker_title": "",
    "speaker": {
        "id": 184,
        "legal_name": "Washington Jakoyo Midiwo",
        "slug": "jakoyo-midiwo"
    },
    "content": "and the Donde Act, which was carefully implemented by the former Minister for Finance, Hon. David Mwiraria. This is the only country where the law says that you cannot charge interest which is greater than the loan that somebody borrowed. You get somebody borrowing Kshs1 million and the bill that is sent to them is Kshs7 million and yet, the law says otherwise. Somebody is rogue in the system. Some of us reason that we are trying to control the markets. We are only saying that it should be pegged around the Central Bank Reference Rate. Hon. Njomo said that it is now at 11 per cent. We want the Central Bank of Kenya (CBK) to reduce it. The banks should charge not more than 4 per cent on top. If it is 11 per cent, they should charge 15 per cent. If it is reduced to 8 per cent, they should charge 12 per cent. In which business do people make more than 7 or 10 per cent? Those banks are doing something bad and we should do something about it. We will look into issues that make the banking sector not good for our business environment. I have drafted a Motion to create a team of Members of Parliament to look at this very touchy issue that Parliament has not confronted. We want to know how Dubai Bank has gone under with peoples’ money. The owners of Imperial Bank, against the supervision of CBK, were running two or three parallel accounts. Why? We see what Imperial Bank has done. We know what they own in our towns. In other words, they are collecting money from the poor and investing it for themselves. Just a couple of years ago, there was the issue of Enron in the United States of America (USA). When the leader of Enron was found, he was jailed. He is in prison. Enron is not a government institution. It was a private firm but because the leader was stealing from Americans, the system jailed him and things changed. That is what we must do to those The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}