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{
    "id": 935792,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/935792/?format=api",
    "text_counter": 557,
    "type": "speech",
    "speaker_name": "Garissa Township, JP",
    "speaker_title": "Hon. Aden Duale",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "morning I am told that the bank has gone under. I am speaking from experience. There are families which had all their savings in Chase Bank and Imperial Bank. Today, they cannot pay school fees for their children. This House must play a role. This bargaining power has slowed down the economy and resulted in forced lay-offs. Kenyans are just being told to go home. In addition, the delayed payment or non-payment of suppliers has led to increased non-performance of loans. A Kenyan has gone to a bank, borrowed money and you tell him that you will pay him after 120 days. The next day, you close Nakumatt Supermarket. What happens? He defaults on his loan with the bank, his assets are seized and his house is sold. That is why I have a feeling that there are too many incidents where a father kills his wife and children. You switch on the television and the first four items are about killings in this country. Murder. Homicide. There must be a problem. The owners of Nakumatt must be living in their big mansions in Muthaiga, Runda and Karen, but properties of people who supplied commodities to that supermarket chain are being auctioned. The non-performing loans portfolio is increasing in the banking sector. Commercial banks cannot collect their money. The current provision under the Competition Act - and that is why we are proposing an amendment - is not effective in managing this problem. Enforcement has revealed challenges. Key among them is the reluctance of suppliers to present their complaints to the CAK for fear of being blacklisted. I will give you a good example. It is good that the Chairman is here. Last year, when we were dealing with the Insurance Bill, the big underwriting companies could not come and tell the Departmental Committee on Finance and National Planning their problems. What do insurance brokers do? I am told they are not happy with my statement. A broker insures your vehicle, but he does not remit the money to the underwriter. You drive your car while the broker uses your money for other business. We brought a law that provided that you should send the cheque or pay the underwriter directly, so that the broker can get his commission from the underwriter. You save Kenyans who get insurance policies. Hon. Mbadi was a victim. The late Hon. Ojode was a victim when he was in the 10th Parliament."
}