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{
    "id": 71946,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/71946/?format=api",
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    "content": "realm of criminal law which required investigations under the relevant criminal law. That was the opinion in as far as number one was concerned. The Solicitor-General goes on to say:- “When the Statutory Manager was appointed, instead of doing her job as the Statutory Manager, she appointed PriceWaterhouseCoopers to conduct investigations of the bank”. PriceWaterhouseCoopers produced a report alleging evasion of tax and money laundering not very different from the inter-agency task force report which had been laid in Parliament then. Mr. Temporary Deputy Speaker, Sir, the options which the CBK was recommending of liquidating the bank, in the words and opinion of the Solicitor- General:- “Liquidation of a bank by the CBK is provided for under Section 35 and is only available where an institution is insolvent, is unable to pay its debts and a winding up order has been made against it or a resolution of voluntary winding up by creditors is passed. In this case, the bank is not insolvent under the Companies Act”. According to the Solicitor-General, liquidation is not an option. To cut the long story short, the opinion of the Solicitor-General was that the decision by the CBK in administrative law can be termed as irrational, under Wenesbary’s Principle of unreasonableness. She concludes to say:- “In my view, the CBK does not have any other option but to terminate the term of the Statutory Manager and amicably resolve the matter and the cases in court”. Mr. Temporary Deputy Speaker, Sir, basically, that is the recommendation of the Committee. So that we do not punish the depositors, it is very important that this matter is addressed. Finally, what the foreign missions have been asking us to do is not done in their countries. In the United States of America (USA), we had the Rigsburg which was involved in money laundering. In this Report, you will somewhere see where this bank was under investigation by the Congress in the USA. It was found that the funds which were used in the 9/11 attacks were from that bank. The bank was never closed. The American ambassador is telling us to do what is not done in his country and that which cannot be done in his country. Mr. Temporary Deputy Speaker, Sir, the list is long. You will be able to see the practice. Very many banks have similar cases; money laundering, corruption--- I will give one example; this is Britain. The BAE Systems was found guilty of corruption, money laundering and arms trade in a court in the United Kingdom (UK). However, the banks which this company was dealing with were not closed. They were allowed to continue running. With those few remarks, I beg to support."
}