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"content": "(Loud consultations)"
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"type": "speech",
"speaker_name": "Mr. Kenyatta",
"speaker_title": "The Deputy Prime Minister and Minister for Finance",
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"legal_name": "Uhuru Muigai Kenyatta",
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"content": "I lost a part of my question."
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"speaker_name": "Mr. Imanyara",
"speaker_title": "The Temporary Deputy Speaker",
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"legal_name": "Gitobu Imanyara",
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"content": " Mr. Michuki, you are not allowing the Deputy Prime Minister and Minister for Finance to finish. You are destructing him."
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"type": "speech",
"speaker_name": "Mr. Kenyatta",
"speaker_title": "The Deputy Prime Minister and Minister for Finance",
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"content": " Mr. Temporary Deputy Speaker, Sir, according to the valuation done by Tysons Limited, the professional firm engaged to value the assets, the open market value of the assets as at 31st March, 2011 was Kshs2,220,522,800. I wish to inform hon. Members that De La Rue is one of the leading printers of currency worldwide. The organization, therefore, has the capacity to print any currency according to specific technical specifications agreed with its customers. From a Government’s perspective, although profitability is an important consideration in investment decisions, the decision by the Government to invest in a currency printing business was a strategic decision based on the need for a country to be in control of the printing of its currency. As indicated when I appeared before this House on 2nd November, 2011, many countries have joint ventures with printing firms to secure sustainable currency printing services. Examples where De La Rue has joint ventures with other countries in bank note production includes amongst others, De La Rue, Sri Lanka, Valora in Portugal, there is a Nigerian Security Printing and Minting PLC, Orell Fussli Security Print Limited in Switzerland and Portals in the United Kingdom. The Government, therefore, regards this as a strategic investment. Currency is an important medium of exchange and has major implications on the performance of the economy. In fact, internationally, currency printing and management is exclusively the responsibility of the Government. In most countries, the printing is 100 per cent owned by the Government as it is the case with the United States of America and Australia amongst others."
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"speaker_name": "Dr. Khalwale",
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"speaker": {
"id": 170,
"legal_name": "Bonny Khalwale",
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"content": "Thank you, Mr. Temporary Deputy Speaker, Sir. Before I seek a clarification, allow me to lay on the Table a lease agreement signed on 15th June, 1992 for this particular contract between the Central Bank of Kenya, on behalf of the Government and De La Rue Limited. What this lease agreement proves is that the Deputy Prime Minister and Minister for Finance is misleading us by telling us that the local company, De La Rue Currency and Security Print Limited has got that lease. The import of this—"
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"text_counter": 421,
"type": "speech",
"speaker_name": "Mr. Imanyara",
"speaker_title": "The Temporary Deputy Speaker",
"speaker": {
"id": 22,
"legal_name": "Gitobu Imanyara",
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"content": " Sorry! You accused the Deputy Prime Minister and Minister for Finance of misleading the House. I just wanted to hear what he said."
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"type": "speech",
"speaker_name": "Dr. Khalwale",
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"id": 170,
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"content": "Mr. Temporary Deputy Speaker, Sir, he told us that the lease is not between De La Rue Limited and the Central Bank of Kenya but it is between De La Rue Currency and Security Print Limited. There is a big difference. The first clarification I want is that the answer given by the Deputy Prime Minister and Minister for Finance is a deliberate effort to create a deal berserk in our brains so that we do not see what he is doing. Could he table the directorship of all these companies and show the shareholding so that when he alleges that one company has 100 per cent shareholding or it is a subsidiary, it is proved by a document? That is the first clarification. The second clarification is---"
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"url": "http://info.mzalendo.com/api/v0.1/hansard/entries/3578/?format=api",
"text_counter": 423,
"type": "speech",
"speaker_name": "Mr. Imanyara",
"speaker_title": "The Temporary Deputy Speaker",
"speaker": {
"id": 22,
"legal_name": "Gitobu Imanyara",
"slug": "gitobu-imanyara"
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"content": " Ask three."
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"type": "speech",
"speaker_name": "Dr. Khalwale",
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"content": "Yes, Mr. Temporary Deputy Speaker. The second clarification is that the Government is buying phantom shares. The company that owns the shares is called “De La Rue Currency and Security Limited”. However, the agreement that the Government has entered into is not with this company but with a company called “Thomas De La Rue AG”, which by the way is registered in Switzerland. In fact, it was registered on Ruud De Moor 11 CH/1700 Switzerland. This company has no relationship with the securities company. I am saying it. Why the House should allow me to deliberate this before I say the second point is that there is a history of this contract. This contract was first envisaged by the KANU Government. However, when the NARC Government took over in 2003, hon. Mwiraria discarded that agreement and floated an international tender which was won by De La Rue at USD51 million. As soon as hon. Mwiraria left office, hon. Kimunya, who was his successor, discarded the tender that had been won by De La Rue at US$51 million and reintroduced the old one which, by the way, was more expensive at US$130 million. De La Rue, to get that tender, ended up paying a deposit of US$25 million. Up to now, we do not know whether the US$25 million has been refunded. If it has been refunded, I am asking that the Deputy Prime Minister and Minister for Finance clarifies in which account the refund was made."
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"type": "speech",
"speaker_name": "Mr. Kimunya",
"speaker_title": "The Minister for Transport",
"speaker": {
"id": 174,
"legal_name": "Amos Muhinga Kimunya",
"slug": "amos-kimunya"
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"content": " On a point of order, Mr. Temporary Deputy Speaker, Sir. Is the Member for Ikolomani in order to mislead this House that the first contract was cancelled by hon. Mwiraria and a new contract purportedly entered into and that a US$25 million that was paid as a deposit for a new contract, entered under my instigation, is not known where it went? He should know, clearly, as the head of the Public Accounts Committee that the US$25 million he is talking about was a deposit on the US$51 million contract and not on the US$130 million he is talking about and that the US$25 million was towards the purchase of money. As the Public Accounts Committee Chairman, he should have been looking at this information as part of the review of the audited accounts of the Central Bank of Kenya, unless, of course, he does not know what he does in the Public Accounts Committee."
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