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{
    "id": 644492,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644492/?format=api",
    "text_counter": 60,
    "type": "speech",
    "speaker_name": "Hon. Ichung’wah",
    "speaker_title": "",
    "speaker": {
        "id": 1835,
        "legal_name": "Anthony Kimani Ichung'Wah",
        "slug": "anthony-kimani-ichungwah"
    },
    "content": "The issue of corporate governance in banks has been spoken to at length. What we have seen in the unfortunate closure of Chase Bank, Dubai Bank Kenya and Imperial Bank Limited are clear cases of lack of corporate governance and very weak corporate governance structures. I hope that as we move to the Third Reading, we will move amendments that will ensure that we further strengthen the corporate governance of our banking sector. As I said when moving the Procedural Motion, our banking sector is truly the artery of our economy. If there is a small clot in this artery of our economy, we will completely destroy the economy of this country. For us to be able to do that, we must insist that the CBK which is the regulator--- I know there have been challenges with the composition of the CBK Board but we now have a new Governor who seems to be focused. We must ask ourselves whether the former CBK Governor and the Board that was there then had any complicity in what we are seeing in the banking sector today. There is the Bank Supervision Department in the CBK. This is one department that the current Governor, if he means business in cleaning up the banking sector, should clean up. This is because if there is failure in corporate governance and in the way we account for depositors funds in these banks--- There is a pointer that there has been complicity and there is a clear trend that one audit firm in this country has consistently been the only firm that has been auditing most of those banks that have corporate governance issues and disclosure issues. As we move forward 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."
}