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{
    "id": 1128911,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1128911/?format=api",
    "text_counter": 306,
    "type": "speech",
    "speaker_name": "Kirinyaga Central, JP",
    "speaker_title": "Hon. Munene Wambugu",
    "speaker": {
        "id": 13382,
        "legal_name": "John Munene Wambugu",
        "slug": "john-munene-wambugu"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker. The answer is quite satisfactory. This is one of the few occasions where a Cabinet Secretary or the institutions required to give answers have taken their time to give a good answer. This answer is an eye opener to the fact that quite a number of schemes in Kenya are actually unregulated. I am surprised that even a big company like Cytonn Investments is not regulated. This shows how much Kenyans are actually exposed. They have even gone to court to get an injunction so that they are not investigated. There are quite a number of unregulated schemes which have about eight cases pending in court and 18 others are under investigation. This is quite baffling. Of concern is the fact that the Ministry has actually admitted that there is a lacuna in law, which these schemes have been exploiting. The only saving grace is that they have said they will bring the Draft Regulations, which are at an advanced stage, to this House before the end of this financial year. So, schemes which do not fall under the regulatory ambit are being brought under regulation. I must commend them for bringing a good answer. I hope the regulations being drafted by the CMA will bring on board all these schemes. I believe when the regulations get here, the House will do the necessary. We all know that many Kenyans have been swindled by investment The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}