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{
    "id": 1368530,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1368530/?format=api",
    "text_counter": 105,
    "type": "speech",
    "speaker_name": "Soy, UDA",
    "speaker_title": "David Kiplagat",
    "speaker": null,
    "content": "If the UBA Bank is allowed to sell the property at a depressed valuation, the Government risks the loss of its secured asset, which stood at Ksh1.48 billion in 2016 and yet the Bank’s interest in the property is Ksh161,502,101. The sale would also jeopardise the Company’s chance to implement the revised CVA, and other creditors would lose their dues. It is against this background that I seek a statement from the Chairperson of the Departmental Committee on Finance and National Planning on the following: 1. Explain the circumstances under which the National Treasury and Economic Planning has been reluctant to enjoin Uchumi’s defence against the impending sale of its Langáta property LR No.209/12593 under Insolvency Petition 25 of 2018 yet the Ministry is the custodian of the Government’s stake in Uchumi, its assets and property. 2. Explain the plans that the Government has put in place to rescue Uchumi Langáta property from being auctioned at a loss in order to safeguard public interest for posterity as well as protection of other vulnerable and unsecured creditors from imminent loss. I submit. Thank you, Hon. Speaker."
}