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{
    "id": 644568,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644568/?format=api",
    "text_counter": 136,
    "type": "speech",
    "speaker_name": "Hon. (Dr.) Nyongesa",
    "speaker_title": "",
    "speaker": {
        "id": 132,
        "legal_name": "Paul Nyongesa Otuoma",
        "slug": "paul-otuoma"
    },
    "content": "We have banks in an economy that is struggling and an economy from where industries are moving away because of high cost of doing business. One of the major contributors of this is banks because you have to work through these institutions. To crowd the extractive policies, even the people who have been given the mandate to ensure that these institutions have the confidence of Kenyans are conspiring to steal from Kenyans. If you look at the banks that are collapsing, and we have interacted with some of them through these Parliamentary Committees, some of the issues we raise are tell-tale signs that are these are institutions that are not being run properly. I know of a case where a Government institution had invested in Chase Bank, but just to get a bank statement becomes an issue. How can a public institution that has deposited money with you not access a statement? When they want to know the status of the account, it becomes such a serious problem that they have to write to the CBK to order the release of statements of those accounts. As we looked into them, we have found that this is what has been happening. Money is siphoned through these banking institutions. They are supposed to report any major transaction at the financial services centre. You find that they do not do that yet they know these are public funds. They conspire. Even where it is very clear that signing for public funds should be something that has been resolved by the Board who are the signatories, you find an individual writing a letter to the bank and making one person to be signatory to a public funds account."
}