19 Oct 2016 in Senate:
On a point of order, Mr. Speaker, Sir. I am not going to get into the content because, as you said, there is no Statement. However, I would like to seek your guidance on procedure. Are committees supposed to be conveyor belts for the Executive? This is because the Vice Chair of the Committee, Sen. Adan, said that the Statement is awaiting a signature somewhere. She has not seen it and it has not come back to the Committee. Therefore, she does not know whether it satisfactorily responds to the issues raised by the Senate Minority Leader. So, should Chairpersons ...
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19 Oct 2016 in Senate:
Thank you, Mr. Speaker, Sir. I rise to respond to the request for a Statement by Sen. (Prof.) Lesan. He wanted to know the status of farmers’ money placed by the Kenya Tea Development Agency (KTDA) in fixed accounts in troubled banks. This Statement was circulated to Members yesterday. It is fairly detailed and, therefore, you will allow me to skip the background information and go straight to the questions and the responses because Members have the copies. Mr. Speaker, Sir, the Senator wanted to know how much money is held in fixed deposit accounts in Imperial Bank Limited and ...
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19 Oct 2016 in Senate:
Mr. Temporary Speaker, Sir, many questions have arisen out of this. I will not attempt to address the ones which are not in the answer. However, I will go straight to those which have been addressed in this statement. First, was money lost?
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19 Oct 2016 in Senate:
Mr. Temporary Speaker, Sir, considering that the House is going on recess, let me address the issues that have been raised. If not satisfactory, we can then seek to meet the Cabinet Secretary (CS).
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19 Oct 2016 in Senate:
Mr. Temporary Speaker, Sir, when Imperial Bank collapsed, Kshs2.9 billion was locked up in investments. The bank has not been revived. According to the Kenya Deposit Insurance Scheme, the KTDA was offered Kshs1million just like anybody else out of Kshs2.9 billion and this House has previously ventilated on this matter; that you cannot set a Kshs1 million compensation for all depositors irrespective of their amounts. The Kshs2.9 billion held at Imperial Bank is still there. It is not lost, but it is not available to farmers. With regard to the Kshs1.9 billion that was held at Chase Bank, the bank ...
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19 Oct 2016 in Senate:
Mr. Temporary Speaker, Sir, no one has been fired for making those investments. The person to take responsibility in a corporate governance structure would be the Board of Directors since it approves the panel of banks on the basis of information in public domain and that provided by the CBK. The CBK continued to license Chase Bank and Imperial Bank and to rate them favourably amongst the 43 banks in Kenya. Therefore, the Board took a decision on the basis of information that was publicly available. If the Kshs2.9 billion held at Imperial bank was to be lost and any ...
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19 Oct 2016 in Senate:
Mr. Temporary Speaker, Sir, the response from the Vice Chairperson – which we appreciate she has gone through a lot to bring to this House - raises serious questions. If you listened carefully to that response regarding those Kenyans who have camped outside, the categorisation from the Ministry’s perspective is that some of them are not Post-Election Violence (PEV) victims, some of them just want to benefit from proceeds and some of them are split families where the principals had been paid and the children are coming to claim. There is no categorisation that says that some of them could ...
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19 Oct 2016 in Senate:
Mr. Temporary Speaker, Sir, I wish to support this Motion---
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19 Oct 2016 in Senate:
Mr. Temporary Speaker, Sir, I want to qualify why I am doing it in English. I would have wished to do it in Swahili but it is difficult to keep up with Sen. Hassan and Sen.Kisasa when they do it. I will go with the “Luopean” language which is English. The Motion to adjourn until 1st, November is fairly procedural and does not give us a lot of time, but just about two weeks. For purposes of Kenyans who are watching this debate, it is important to point out that this break is not like a school break where you ...
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18 Oct 2016 in Senate:
Mr. Speaker, Sir, while the---
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