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| Former Central Bank of Kenya Governor Prof. Njuguna Ndung'u |
Kenyan Parliament on Tuesday turned
its guns on the past Central Bank of Kenya leadership with a demand that it
should be investigated in the wake of massive fraud, poor governance and weak
oversight that has seen three banks collapse in nine months.
The demand came after National
Assembly Speaker Justin Muturi ordered the Finance, Trade and Planning
Committee to investigate the recent closure of banks and report to the House in
30 days.
Mr Muturi was responding to Leader
of Majority Aden Duale’s request for a parliamentary investigation into the
activities of Dubai, Imperial and Chase Bank directors that have caused the
lenders to go into receivership or statutory management within a year of regime
change at the CBK.
Mr Duale said recent events had demonstrated
that the closure of banks had a lot to do with the past Central Bank of
Kenya leadership, which should be made to account.
“The committee must investigate the
regulatory issues that rendered the CBK incapable of intervening before the
banks collapsed. The committee must also come up with amendments to the deposit
protection fund and how to better safeguard depositors,” he said.
Central Bank
of Kenya (CBK) regime effectively puts the tenure of Prof Njuguna Ndung’u, who
left office in March last year, under the spotlight – a move that may pull him
back to the public limelight.
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