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{
    "id": 1299128,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1299128/?format=api",
    "text_counter": 335,
    "type": "speech",
    "speaker_name": "Tetu, UDA",
    "speaker_title": "Hon. Geoffrey Wandeto",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I also rise to support the amendments by Hon. Atandi. His recommendations are specific, measurable, actionable, realistic and time-bound. They give the much-needed teeth to the earlier recommendations by the Committee. At the outset, let me say that the landscape of our country is littered with these kinds of schemes. This is not the first time this has happened. From the days of Deci Pyramid Scheme, we have seen many schemes come and go. Unfortunately, we are running an economic banditry where these conniving people, disguised as businessmen, come up with schemes whose only objective is to defraud innocent Kenyans of their hard-earned money. It is important to call to order the various Government agencies that are responsible for regulating our capital and financial markets and all the schemes in the market. Cytonn is overseen by the CMA. As a House, as we make various recommendations on what should happen to the directors, the company and the way forward, we must call out the CMA. These schemes do not just happen. They happen over a number of years. These companies advertise promising Kenyans 40 to 60 per cent returns in a year. Unless one is selling drugs, where do you get such returns on a wide scale? I remember a company that asked Kenyans to invest in greenhouses. One was only required to invest Ksh200,000 but the promised returns were Ksh400,000 per year. I asked myself why these people would not invest themselves instead of asking other people to invest. Such information should be quickly picked out by the relevant authorities. I think some people are sleeping on the jobs. When this kind of information is made public, the CMA, DCI and NIS should start preventive investigations and look for the perpetrators. Hon. Temporary Speaker, some SACCOs have also defrauded people on land issues. The SASRA oversees SACCOs. However, in this country, it is unfortunate that some SACCOs are under SASRA and others are not. As a House, we need to ensure that every SACCO, whether land buying or housing SACCO, is under SASRA. The real estate industry is now the new frontier for people defrauding innocent Kenyans. Most of the Members who have contributed before me have cited the EAPA land. This is something that has been going on for years and years. It is time that this House brings order to the real estate sector. I am happy to have learnt from the Chairperson of the Departmental Committee on Finance and National Planning today that they intend to bring a 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."
}