CBK wants parliament to toughen laws against rogue bankers

CBK wants parliament to toughen laws against rogue bankers

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Central Bank of Kenya Governor Patrick Njoroge during a press conference at the CBK. PHOTO/FILE

Nairobi, KENYA: CBK Governor Patrick Njoroge wants MPs to change the law to ensure fraudulent bank managers are jailed for not less than 20 years.

Appearing before Parliamentary Committee on Finance he said that individuals who mismanaged Chase Bank will be prosecuted.

He said that his institution is drafting changes to the Central Bank of Kenya Act to tame rogue bank institutions, as well proposing severe penalties to those who engage in criminal activities.

“We are preparing the proposals to hold people accountable, we will make the penalties stiffer than before,” Njoroge said .

Committee chair and Ainamoi MP Benjamin Langat said the lawmakers were ready to amend the law and make penalties tougher on such crimes.

But nominated MP Oburu Oginga faulted the CBK chief for running the institution without a board in place and that only the board chairman was appointed.

MPs also put the governor to task, on why the managers of Chase Bank, National Bank and Imperial Bank were not in jailed and asked relevant authorities to fast track such cases.

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Kisumu Women Representative Rose Nyamunga said recovery of the lost money was not enough insisting that they must face the full force of the law.

“What is the deterrent thing you will do to this directors? It is not enough for them to return the money alone,people have already suffered. ” Nyamunga said.