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{
    "id": 1021089,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1021089/?format=api",
    "text_counter": 101,
    "type": "speech",
    "speaker_name": "Kikuyu, JP",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": {
        "id": 1835,
        "legal_name": "Anthony Kimani Ichung'Wah",
        "slug": "anthony-kimani-ichungwah"
    },
    "content": "as a former Vice-Chair of the Public Investments Committee (PIC) – has spoken about a valuation report of KQ. If you look at the audited accounts of 2019 of KAA, it is holding assets worth about Kshs1.3 trillion. That is the institution that we are seeking to merge with KQ, which is making losses and is bound to make further losses because of COVID-19. Without valuing KQ and not having a feasibility report that tells this country and all stakeholders how feasible this transaction is of KAA merging with a loss-making entity, KQ will gobble up financial assets and other assets of KAA. They are public assets. For me, as an accountant, other than a loss-making institution taking over a profit-making institution, it is a question of a public entity and the privacy of KQ. Remember KQ has private shareholders, including myself. We must be able to understand how we are going to deal with the question of the individual shareholders and the commercial banks that had lent money to KQ and are owed billions of shillings. We might use the assets of KAA and other public institutions to offset those debts. It is a matter that is weightier than the Report I am seeing here. To be honest and with all due respect to my good friend Hon. Pkosing, this Report is too shallow for a fundamental issue like the merger and nationalization of KQ. I would beg the Speaker to allow the House and members of the public a little more time for public participation. Go into the issues of feasibility and valuation of the assets of all the institutions that you seek to be merged, so that finally when you bring us a report, it is not just a bulky report. The bulk of this Report is the minutes of committee attendance. The substance of the report is zero. Absolutely zero! I would beg that you find it wise to set aside this Report and ask the Chair to spend a little more time looking at the issues that have been raised, including the issue of public participation, the issue of feasibility study, the issue of the transaction advisor’s report to understand valuation of the assets of all the institutions involved and the implications that the process will have, as Hon. Kirima has mentioned, on the entire aviation industry. With that, Hon. Speaker, I beg to support the point of order that had been raised."
}