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{
    "id": 660912,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/660912/?format=api",
    "text_counter": 153,
    "type": "speech",
    "speaker_name": "Sen. Kagwe",
    "speaker_title": "",
    "speaker": {
        "id": 229,
        "legal_name": "Mutahi Kagwe",
        "slug": "mutahi-kagwe"
    },
    "content": "Mr. Speaker, Sir, I want to thank the Chairman for a very elaborate answer. The elephant in the room is in one of the statements he made; that is, “determination by the CBK to place the bank under receivership.” That statement is where the issues lie. Most of the answers given do not relate to the procedure, as it were, but the reasons why a bank can be placed under receivership. For example, I am aware that the period between when the directors of Imperial Bank Limited reported that they had noticed that there was fraud in the bank and the closure of the bank was very swift. I am also informed that there is a situation where Chase Bank was supposed to deposit the money required by the CBK within an hour or so; from about 4.00 a.m. to 6.00 a.m. In the determination by the CBK to put the bank under receivership, what exactly is followed within that statement? Is it the Governor of the CBK, for example, who makes a final decision and signs it thereof? I am told that at the time of the Imperial Bank going into receivership, even the Governor of CBK was not in the country. I could be wrong; I stand to be corrected. Is there some two or three people who then sit and say: “Given the circumstances, we have no choice but to place the bank under receivership”? Mr. Speaker, Sir, when you consider the importance of the financial sector in this country, I have no doubt about the capability of the current Governor, Mr. Njoroge. However, these are not rules or regulations that are made for an individual. It is not an individual but the institution that should determine these things. Could I get a clear answer as to who actually made that decision? We have no intention of interfering with the independence of the CBK to make those decisions; just to be sure that there is, indeed, a procedure which is signed off by somebody."
}