Entry Instance

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{
    "id": 71944,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/71944/?format=api",
    "text_counter": 420,
    "type": "speech",
    "speaker_name": "Mr. C. Kilonzo",
    "speaker_title": "",
    "speaker": {
        "id": 46,
        "legal_name": "Charles Mutavi Kilonzo",
        "slug": "charles-kilonzo"
    },
    "content": "Mr. Temporary Deputy Speaker, Sir, I will be very brief. I brought this petition some months back on behalf of depositors purely because it had become very difficult for the depositors to access their funds. There appeared to have been a stalemate in this matter. Allow me to refer to an opinion which was given by the Senior Deputy Solicitor- General, a one Muthoni Kimani, regarding the matter of Charterhouse Bank. This was a legal opinion which had been forwarded to the Attorney-General and the Government. The issues in question were whether the decision to appoint the Statutory Manager was done in accordance with the provisions of the Banking Act and, if so, did the Statutory Manager perform her duties, and what were the legal options open to the CBK? Mr. Temporary Deputy Speaker, Sir, the Banking Act gives the CBK powers to regulate business of banking within the country. The primary role of the CBK has been to protect the interests of institutions, depositors and creditors of the institutions to ensure good governance. The power of the CBK is to intervene in management of a banking institution as contained in Section 34 of the Banking Act. In the case of Charterhouse Bank, the CBK applied Section 34(1) (d) (ii) which gives the CBK powers to appoint one person as a manager to assume management and control and conduct of the affairs and business of an institution to the exclusion of the directors. Mr. Temporary Deputy Speaker, Sir, in the words of the Solicitor-General, she was of the opinion that the reason advanced by the Ministry of Finance then for the appointment of a Statutory Manager were not backed by any virtual basis because there was no evidence of customers having a run on the bank. The matters contained fell in the"
}