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{
    "id": 700668,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/700668/?format=api",
    "text_counter": 180,
    "type": "speech",
    "speaker_name": "Sen. M. Kajwang",
    "speaker_title": "",
    "speaker": {
        "id": 13162,
        "legal_name": "Moses Otieno Kajwang'",
        "slug": "moses-otieno-kajwang"
    },
    "content": "Mr. Temporary Speaker, Sir, no one has been fired for making those investments. The person to take responsibility in a corporate governance structure would be the Board of Directors since it approves the panel of banks on the basis of information in public domain and that provided by the CBK. The CBK continued to license Chase Bank and Imperial Bank and to rate them favourably amongst the 43 banks in Kenya. Therefore, the Board took a decision on the basis of information that was publicly available. If the Kshs2.9 billion held at Imperial bank was to be lost and any heads were to roll, they must start from the Board rather than from management that simply executes instructions and policies of the Board. On the question of centralization and why the KTDA holds the funds; yes, there is a concentration risk there, but you also look at it from the perspective of economies of scale. That if the money is sent to the individual factories, there will be great fragmentation that might not provide the much needed economies of scale. However, I believe that it is a legitimate question that needs further interrogation and, probably, the Committee on Agriculture could get back on that matter. The tea sector task force report has also been released. I believe that some of the centralization and structural issues could be addressed if we looked at the tea sector task force report and implemented it properly. Sen. Obure has come to the conclusion that the CBK misled the KTDA and many Kenyans. Many of us woke up in the morning unable to access the money that we had in our accounts. Sometimes we wish we could do something to the Governor of the CBK. Unfortunately, we are a country that is guided by laws and so even if I wanted to go and whistle outside his residence, I cannot achieve much. Mr. Temporary Speaker, Sir, through the relevant committees, we will also be making recommendations to strengthen the CBK, make it more proactive and risk-based in its assessment of banks rather than being compliance-based. The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate"
}