Entry Instance

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

{
    "id": 1299121,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1299121/?format=api",
    "text_counter": 328,
    "type": "speech",
    "speaker_name": "Dadaab, WDM",
    "speaker_title": "Hon. Farah Maalim",
    "speaker": null,
    "content": " Madam Speaker. Thank you. I am sorry. I do not know how I missed that. The core function of CMA is to protect investors’ resources. The interest of the investor must be protected because we have a law in this country that says “limited liability”, which means the separation between the promoters of an outfit which is a limited liability and the limited liability entity itself. Given an opportunity for people to hide under that, we will be having one fraud after another in this country for the longest time. As Hon. Nyikal put it, there is something also called “lifting the veil”. You lift the veil and see the people who are behind that and then you carry out investigations. The CMA is supposed to investigate these things, including going to the sites of the construction and the assets that are held in place. If somebody comes out there and says he has a piece of land and so many people who want to invest, CMA should go to the books and find out exactly what is happening. If there is any indication or inclination that there is a fraudulent activity taking place, then CMA must protect the innocent Kenyans who are innocent buyers. In the absence of that, when you do not have a CMA that is functioning adequately and very well, then you get into these kinds of things. This is a fraud. It becomes a Ponzi or pyramid scheme, where somebody starts something, creates an impression by putting up, say, a very good house and people are lured to buy. Many more people join in to buy and their money is stolen and the person gets away with it. The next thing the person does is to hide under what is called the limited liability clause in our laws. So, the CMA must be hands-on in investigating these cases because they have the resources, the capacity and the expertise required. This has to be dealt with permanently. For example, people’s properties are now being demolished in Athi River. Why do we have to get to the point of destroying wealth? That should not be done. Enough time should be taken to investigate and find out what kind of action can be taken. That is public land because it belongs to the East African Portland Authority (EAPA), which is a Government institution. Now we are destroying properties belonging to innocent Kenyans. The next thing is that the land is going to be allocated to other people. The EAPA is just a factory and not a profit-making institution. They have the responsibility to offload their assets for them to realise the capital they need to function optimally."
}