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{
    "id": 141732,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/141732/?format=api",
    "text_counter": 284,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Triton valued at Kshs2 billion for the settlement of a bill of Kshs1.1 billion owed to the Kenya Commercial Bank by Triton. The balance, of course, from the assets of KPC which we are still also tracking so far is about Kshs880 million. This will be used to settle other claims. The foreseen KPC’s potential exposure, therefore, will be Kshs3.55 billion, if the Kshs880 million assets which the Kenya Commercial Bank has attached is deducted. With regard to the proceedings we are conducting, currently, there are 10 companies that are placing claims to KPC. One is Total Kenya Limited - Kshs367.8 million, Kenya Shell - Kshs288.3 million, the Kenya Commercial Bank - Kshs1.19.4 billion, Engen (K) Limited - Kshs23.8 million, Petro Oil (Kenya) Limited - Kshs78 million, Glencore Energy of UK - Kshs1.2 billion, Enoc Singapore - Kshs1.7 billion, Gapco Kenya - Kshs7.4 million, Eco-Bank, Kshs193 million and Fortis Bank Kshs493 million, coming to Kshs5.55 billion. The Kenya Commercial Bank has attached the properties of Triton and we are privy to a draft bill for settlement which was drawn between the two. We have, therefore, objected to their claim against KPC. If they are attaching properties against Triton, then they should have no claim against KPC. For Total Kenya Limited, the case is before arbitration which was referred to by both KPC and Total Kenya Limited. For hon. Members’ information, we have, as a Ministry, come to the view that we must do this through a process of arbitration so that an arbitrator agreed on both parties can agree on the quantum. What we know today are the figures in terms of litres of oil."
}