Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1299110,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1299110/?format=api",
    "text_counter": 317,
    "type": "speech",
    "speaker_name": "Nakuru Town East, UDA",
    "speaker_title": "Hon. David Gikaria",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker, for giving me this opportunity. I rise to support the Motion. It was sad to listen to how some Members were in support of Cytonn High Yields Solutions Platform. The last recommendation of the Committee states that: ‘Pursuant to the provisions of Standing Order 208A(2)(c), the finding arising from the consideration of the Petition be debated by the House.’ That is where we are now. We can raise even new issues that any Member has. The Report of the Committee on Implementation had several observations and recommendations. It is very sad that none of the issues raised in the observations and recommendations has been implemented by Cytonn Investments. I do not even know what to call the situation that we have here. It is not right that, as a country that is governed by the rule of law, we allow these kinds of issues to proceed the way they did. This Report was signed by the Chairperson on 8th May 2023. It is now five months later. One of the recommendations that had been given was that the official receiver speeds up the process of liquidation and reports to the National Assembly within a reasonable time. I beg to ask: what is reasonable time? This is because five months down the line, the receiver has not given a report. I believe if there was a report by the official receiver, then the Chairman of the Public Petitions Committee would have gladly indicated that. Five months down the line, we do not have a report from the official receiver and Cytonn as we speak today. Cytonn Investments are almost everywhere, including on radios and social media, advertising the services they offer. I happen to have been a victim four or five years ago, but I got my money back after two months. I enquired about the Act of Parliament that Cytonn operates under. They avoided where financial institutions are registered because they did not want to look like they are operating on matters to do with finances. As the Leader of the Majority Party has rightfully indicated, the CEO is a very brilliant person and I think he has read our laws. He knows where the loopholes are and he uses that. When I was making that enquiry, I noticed that he did not want to come out clearly as to why they did not want to register under… As indicated by the recommendations, CMA should fast- track the alternative funds regulation for private market. It is important. Recommendation number three also talks about the House amending the Capital Markets Authority Act. When they say ‘the House’, I do not know whether it is a specific Committee or they are the ones or it is an individual who should come up with this amendment, because all these things are happening because the CEO and the other concerned parties have read our laws clearly. It is unfortunate that under observation 10, the investors were issued with a corporate guarantee on their investment. However, the same could not be invoked. You can imagine as I 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."
}