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{
    "id": 644472,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644472/?format=api",
    "text_counter": 40,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "unacceptable. This is our money. When we see banks declaring so much money, we should know that the money goes to a few individuals. That is why the gap between the rich and poor in this country continues to widen. This is because you take money from the ordinary person who is selling mboga in the street and give it to the pockets of those we can call mabwenyenye and make them richer and impoverish those who are already poor. I want to thank Hon. Jude Njomo for bringing this amendment to the Banking Act. I also want to agree with Hon. Jakoyo that we need a comprehensive review of the Banking Act and the Act that has set up the Central Bank of Kenya (CBK). There is a problem in the banking sector in this country. I am scared that what we have seen could be a tip of the iceberg. We mentioned as early as 2011 that the former Governor of the CBK was a disaster but we were not listened to. I remember I even brought a Motion in Parliament to discuss that Governor. At that time, he could not even control the depreciation of the Kenyan shilling for no reason. All economic indicators were pointing that our shilling should not have weakened that way. We did not get the Governor to put his acts together until very late in the day. The current Governor has taken barely nine months in office and you can see what is happening. I only hope that he did not cause more damage to the financial sector in this country as I suspect. I also want to speak to the Members of my profession. I saw the Institute of Certified Public Accountants of Kenya (ICPAK), where I am a very prominent Member defend the membership of the ICPAK. I want to disagree with the Chairman of ICPAK. I know it is not the primary responsibility of auditor to take responsibility on accounts or financial statements, but he has responsibility to express the opinion on accounts as prepared by the Board of Management. The auditor cannot run away when we are talking about billions of shillings having been loaned to individuals contrary to the law and they call it inside borrowing; loans that become toxic. Then the auditor who is supposed to represent interests of shareholders is telling the whole country that he is not responsible. Through clear, properly organised audit test, the auditor is able to notice unusual behaviour and movement of funds in banks. It is unfortunate that the same auditing firm - no ill intention is meant here- was auditing Chase Bank and it is the same one auditing the NBK. Both banks are involved in similar transactions that are causing depositors and even shareholders to lose money. It is unacceptable. The auditing and accounting professions must up their game. I am a member and I will speak when we meet in our annual forum later next month. We must condemn bad practices in our profession and we will make a difference in this country. Defending our colleagues is what is bringing this country down. I will not participate in supporting---"
}