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{
    "id": 1299102,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1299102/?format=api",
    "text_counter": 309,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "The Departmental Committee on Finance and National Planning is coming up with a Bill regulating land-buying companies. As you would expect, any institution that takes deposits from Kenyans should be registered with a particular statutory organisation. SACCOs are the key point. You have to be registered as a SACCO if you want to take deposits. That way, the SACCO Societies Regulatory Authority (SASRA) regulates you. However, we have land- buying companies that are taking deposits from Kenyans and using those deposits to promise they are going to buy land. What regulations regulate them? We have businesses out there taking deposits from Kenyans yet no statutory body regulates how they take land deposits and what they do with those deposits. I really welcome the amendment. I was wondering at what point we would have to hold a director accountable. I was checking Section 504 of the Insolvency Act. It says and I quote: “Where it is established that the directors of the company acted wrongfully or fraudulently to the detriment of the company’s creditors in breach of these duties, the directors can be held personally liable or the wrongful transactions reversed.” In this case, this gentleman is personally liable for the losses in Cytonn. He must be held personally liable. I support the aamendment by Hon. Atandi."
}