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{
    "id": 959700,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959700/?format=api",
    "text_counter": 104,
    "type": "speech",
    "speaker_name": "Suba South, JP",
    "speaker_title": "Hon. John Mbadi",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "contravenes the provisions of sub-section 2 commits an offence and shall on conviction be liable to a fine of not less than Kshs1 million or in default, the Chief Executive Officer (CEO) of the bank or the financial institution shall be liable to imprisonment for a term not less than one year. I want to agree with the court that this is ambiguous because it is saying that it is the bank or the financial institution that shall be liable to a fine. If that fine is not paid, then the CEO should be imprisoned for a term not less than one year. This means that if the financial institution or the bank is ready to pay Kshs1 million, the bank can just go ahead and charge more than 4 per cent interest rate and pay Kshs1 million. What is Kshs1 million to a bank or financial institution, and you are saying that the CEO would only be held responsible if that amount is not paid? So, you are basically not holding the CEO responsible. The amendment that Hon. Jude Njomo is bringing says that any person, not a bank or financial institution, who contravenes the provisions of sub-section 2 commits an offence and shall on conviction be liable to a fine of not less than Kshs1 million or to imprisonment for a term not less than one year. This now makes it very clear that if you are a CEO of a bank or financial institution and you preside over your institution, when you violate or contravene this law, you shall be personally held liable, fined and jailed or imprisoned as an individual. This makes it very clear."
}