Entry Instance

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

{
    "id": 1341734,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1341734/?format=api",
    "text_counter": 337,
    "type": "speech",
    "speaker_name": "Turbo, UDA",
    "speaker_title": "Hon. Janet Sitienei",
    "speaker": null,
    "content": " The CMA observed that there are financial services institutions that offer unregulated cash management products that would pull funds from the public for a guaranteed return. Therefore, CHYS was not within the mandate of the CMA. Therefore, CHYS duped the public by allowing them to invest their money in that institution, contrary to the provisions of the Capital Markets (Securities, Public Offers, Listing and Disclosures) Regulations, 2002. The investors lost their hard-earned money to Cytonn Investments Management. Therefore, they suffered pecuniary losses due to failure by the stock broker, who was licensed to meet contractual obligations and pay beneficiaries. Section 18 of the Capital Markets Act and Regulation 64 of the Capital Markets (Licensing Requirements) (General) Regulations provide that investors in capital markets are entitled to compensation from the fund if they suffer pecuniary losses resulting from the failure of a licensed stock broker. If you listen to this, you realise that the investors suffered pecuniary losses through the CHYS and are, therefore, not eligible for compensation from the fund as the product is unregulated. 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."
}