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{
    "id": 1242959,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1242959/?format=api",
    "text_counter": 100,
    "type": "speech",
    "speaker_name": "Sen. Wakili Sige",
    "speaker_title": "",
    "speaker": null,
    "content": "THAT, is complete and total betrayal of these undertakings, the Diageo PLC has now purported to acquire an additional 15 per cent shares in the East African Breweries Limited (EABL); THAT, the undertaking by Guinness PLC to cede back shares is actionable through a class action; THAT, the recent acquisition of the extra 15 per cent in EABL is a fraud upon the people of Kenya as the shares are being acquired for an onward transfer to a new buyer at a much higher value for the benefit of the shareholders and to the detriment of Kenyan shareholders who will be denied the benefit of the higher price that would be onward obtained An onward sale has been agreed with another company and the purpose and purchase of an additional 15 per cent shares is meant to assure the purchaser of a controlling stake in East African Breweries Limited (EABL) after the onward sale. THAT, the sale of the shares has been prompted by the desire by the fraudulent purchaser to evade huge tax liabilities that has been hiding through massive processes within the system. THAT, Kenya Breweries Limited (KBL), when it was locally owned, possessed massive real estate in Kenya that comprised staff houses, staff complexes, go downs and warehouses, factories and other assets and had employed over 6,000 Kenyans. THAT, EABL has corruptly disposed off all its properties and repatriated the sale proceeds and is now but a mere shell of itself, employing a paltry 600 employees. THAT, having sold off all its properties, the new scheme is to quickly progress the sale and block the benefits that Kenyans ought to have benefited; THAT, the overall impact of this continued, contrived corporate action is a serious betrayal of the interest of the people of Kenya and a parliamentary hearing is urgently required to interrogate these events and to secure the public interest of Kenya and its people; THAT, the petitioner has made efforts to have this matter addressed to the relevant authorities, all of which have been unsuccessful and that this matter is confirmed not to be pending before any court of law or any constitutional body; THEREFORE, your humble petitioners prays, that the Senate investigates with a view to recommending amendments to the Capital Markets Authority (CMA) Act to caution the shareholders from such future manipulations. Thank you, Mr. Speaker, Sir."
}