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{
    "id": 786427,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/786427/?format=api",
    "text_counter": 19,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "supervision reports by the CBK of all the banks in the country for the last two years. You will find that they have none. Hon. Speaker, the money Chase Bank went under with have made people, parastatals and even some Members suffer because their NG-CDF money was there. Finally, and very importantly, we have been told about the story of the KCB taking over Chase Bank because it was sold. In fact, part of the people who now run Chase Bank are KCB staff. We are told there is a bank from Mauritius coming to take over Chase Bank. We want the Governor of the CBK to come out very clearly. In that transaction, he stated that he wants to give shillings to that foreign bank. What this Committee should ask is, if the CBK really wants to give money to a foreign bank, why not the same to KCB? This matter must be very serious. Order that Committee to bring its report very fast because there are millions of Kenyans suffering. Chase Bank had branches everywhere in our country from the smallest to the biggest. We want to know when our people will be paid their hard-earned money. Secondly and a food for thought for this House, we must bring a legislation to protect depositors. It happens in the developed countries like the United States of America (USA). When I put my Kshs10 million in a bank, the law must protect me in the event something happens to that bank. Hon. Speaker, when you put money in the bank, some crooks who call themselves the owners do inside trading. The CBK does not do any supervisory work. The bank collapses and the next morning you are told that the bank has been closed. There are many people who are now ailing in hospitals because the little savings they had went down with Chase Bank and Imperial Bank. So, this Committee must start investigating and call all stakeholders, including Government agencies to appear before it. The CBK must bring the reports on supervision so that we can go to the bottom of the matter. In the end, we should recommend protection of investors. I support."
}