Ntoitha M'mithiaru

All parliamentary appearances

Entries 321 to 330 of 352.

• 12 Nov 2008 in National Assembly: asked the Minister for Finance:- (a) whether he is aware that financial institutions in Kenya hold billions of shillings in unclaimed financial assets; (b) whether he is further aware that widows, orphans and other dependants have suffered due to lack of a formal mechanism to reclaim the funds; and, (c) what action he is taking in order to resolve the matter. view
• 12 Nov 2008 in National Assembly: On a point of order, Mr. Deputy Speaker, Sir. view
• 12 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, first, I would wish the Minister to know that whereas there was mention of this in the Budget Speech, what the Minister for Finance said is that he was going to bring an amendment to the law to provide for balances which are in the bank to be claimed by owners when they resurface. Could the Minister bring some mechanisms on how the holders of those unclaimed refunds could be able to reach out to the true owners because they are not speaking? They are using this money and the true owners are not aware at ... view
• 12 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, if I know that my balances are in a particular bank, I do not need any law or amendments to go and claim it because I will just walk in there and claim the money. So, the question about the law is not the issue. The issue is: What mechanisms is he going to put in place to unite these unclaimed funds with the true owners because they actually do not know? However, that aside--- view
• 12 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I have no quarrel with that. If the Minister can agree with me, there is a decadence of our regulatory authorities in the financial system. The Central Bank is supposed to track down that money. There are other regulators like the Capital Markets Authority (CMA) and the Retirement Benefits Authority (RBA). Mr. Deputy Speaker, Sir, so, since he did not say that those institutions are toothless and unable so that there is now a task force to prove that - things that are just in black and white - could he agree then that there is ... view
• 12 Nov 2008 in National Assembly: On a point of order, Mr. Deputy Speaker, Sir. view
• 12 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I am not aware whether we have exited my Question. view
• 12 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, you disposed of my Question without giving 3434 PARLIAMENTARY DEBATES November 12, 2008 me a chance to make my last comment! view
• 5 Nov 2008 in National Assembly: asked the Minister for Finance:- (a) whether he is aware that financial institutions in Kenya hold billions of shillings in unclaimed financial assets; (b) whether he is further aware that widows, orphans and other dependants have suffered due to lack of a formal mechanism to reclaim the funds; and, (c) what action he is taking in order to resolve this matter. view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, the Assistant Minister has made an attempt to answer the Question. However, the Kshs38 billion that he says is held by the financial institutions is a terrible under-statement. I am aware that in most of these financial institutions after about two to three years, if the funds are not claimed, they write them back to their profits and distibute the money to the shareholders. This is depriving the ordinary Kenyans their rightful shares. Could the Assistant Minister give us a breakdown of this Kshs38 billion in order of the financial institutions wherever they are? view