Dr. Oburu Odinga

All parliamentary appearances

Entries 1481 to 1490 of 1641.

• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, the amount which can be determined is the Kshs38 billion. However, this issue is so serious that it is the Ministry of Finance that drew the attention of the House to this fact during the Budget Speech. So, when the hon. Member was asking whether the Minister is aware, actually, it is the Minister who made the Member aware that there is a serious situation. A task force has been formed to look into this. They have already produced a preliminary report giving a breakdown of all the issues. That report will soon be laid on ... view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I do not understand the question! The Minister drew the attention of the House--- view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I have said that all the stakeholders were involved in a task force which was to look at the issue in depth and give recommendations on the way forward with regard to these funds, which have almost disappeared within the financial institutions. It is a grave matter which cannot be handled without proper investigation. view
• 5 Nov 2008 in National Assembly: Yes, Mr. Deputy Speaker, Sir. This is what the Minister said during the Budget Day:- "Institutions licensed under the Banking Act do, from time to time, accumulate funds or other financial assets which, for one reason or another, have not been claimed by their customers or depositors. The funds, or assets, finally remain with the institutions while the beneficiaries continue to suffer. In order to address these challenges, I have constituted a task force consisting of stakeholders in the financial sector to look into the matter with a view to establishing the magnitude of the unclaimed financial assets currently being ... view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I agree with the hon. Member that there is no formal mechanism to recover this money, and that is why the task force has been established to recommend relevant laws which will be brought before this House, so that formal institutions or mechanisms can be established in order to deal with this situation. That will come to the House very soon. The draft report is already here, but I am not tabling it because it is in draft form, but it will soon be brought here. The relevant laws to make this matter formal will be ... view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, these are unclaimed funds, which were deposited by investors in the financial institutions. So, the extent of investment in the DPF is not yet established. We do not know whether it is part of it. What we have established is that the actual deposits in those banks and financial institutions amount to Kshs38 billion. view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I did not get the question. view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I have read out to you what was read out by the Minister. The mandate of the committee is so comprehensive that it covers all stakeholders like the Retirement Benefits Authority (RBA), the pensions funds like the National Social Security Fund (NSSF), the Pensions Department of the Government and all other bodies which hold people's deposits. They are all covered by that particular committee. So, they are the stakeholders. view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I have already stated that the stakeholders include the institutions which are holding those funds and the representatives of the beneficiary institutions. Beneficiary institutions are represented by trade unions on the task force. The financial institutions, where the deposits are held, are also part of the taskforce. The Government departments concerned are also stakeholders in that task force. Mr. Deputy Speaker, Sir, as far as the breakdown is concerned, I do not have it with me at the moment but I can provide it to the House on Tuesday next week. view
• 5 Nov 2008 in National Assembly: Mr. Deputy Speaker, Sir, I did not say that the information is not available! I have said that I will bring the information on Tuesday! view