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{
    "id": 1299131,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1299131/?format=api",
    "text_counter": 338,
    "type": "speech",
    "speaker_name": "Igembe Central, JP",
    "speaker_title": "Hon. Daniel Karitho",
    "speaker": {
        "id": 1574,
        "legal_name": "Cyprian Kubai Iringo",
        "slug": "cyprian-kubai-iringo"
    },
    "content": " Hon. Temporary Speaker, I also stand to add my voice to this Motion as amended by Hon. Atandi. This is an important amendment. Year in, year out, we have issues with SACCOs. There is not a single year that has passed without hearing of a scheme that has sunk Kenyans’ money. We are living in very difficult situations. Earning an income is a big challenge. Some people are registering companies to steal from our people. They should be stopped. This can only happen if these fraudsters are held accountable and made to pay back what they have stolen. That is the only way they will stop this habit. For example, the directors for Cytonn Investments are well known. We should have a way of reclaiming the money that was stolen from Kenyans through these fishy accounts. We have had issues with things like pyramid schemes, where Kenyans lost billions of shillings through some funny schemes that were purposely set up to steal from them. Kenyans deposit their money in certain banks but when they go to withdraw it, they find that the banks have closed down. It is high time we stopped this. We can only do so by holding those who are responsible to account, and forcing them to pay. This is also an eye-opener for Kenyans. Nobody should come and tell you that if you invest Ksh2 million, you will get back Ksh3 million. We should not go for easy deals to earn money which does not exist. In every corner of the country, you will find somebody whose money was stolen in one way or another because they were promised heaven, which does not exist. The Capital Markets Authority should regulate financial organisations. It is high time the Government of Kenya opened its “eyes” through such institutions as the National Intelligence Service (NIS) and other criminal investigative departments, to ensure that investors are thoroughly investigated. We should prove that they are of sound mind, with good records, and have no history of looting from other nations. These things have been happening. There is no way that we can bring them to an end unless the concerned authorities take responsibility. We should not have big fish which cannot be touched. There is always a trap even for big fish. We do not want excuses that certain people are protected and can continue looting. Therefore, I support the Motion as amended by Hon. Atandi. Many Kenyans were affected by this Cytonn issue and are still paying. I wonder how they continue to pay when those who paid earlier already lost their money. The first step is to ensure that Cytonn does not continue to steal from more Kenyans before we reclaim what was already stolen. The Government should ensure that this institution is closed so that it does not continue to mislead more Kenyans. Everybody in Kenya would like to make an extra shilling. Whenever they hear that they can make an extra shilling, they rush for it. Some take loans and others sell their assets to go for this money. I, therefore, support this Motion as amended."
}