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{
"id": 1510960,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1510960/?format=api",
"text_counter": 36,
"type": "speech",
"speaker_name": "Nandi Hills, UDA",
"speaker_title": "Hon. Bernard Kitur",
"speaker": null,
"content": " I, the undersigned, on behalf of Kenya retired teachers and residents of Nandi County, draw the attention of the House to the following: THAT, in the year 2000, 1,787 members of the defunct Nandi Teachers SACCO Society acquired a property through a purchase of Barclays Bank Building at Kapsabet Municipality, 1181/370, herein referred to as Mwalimu Plaza, in Kapsabet Town, Nandi County, at a cost of Ksh12,000,000; THAT, in the process of purchasing the property, members vide the delegates meeting of 18th March 2000 consented that their dividends of the year 1999 be used to pay the Barclays Bank; THAT, on 25th April 2000, a down payment of 10 per cent, herein referred to as commitment fee, was paid vide cheque No.00018479 of Ksh1.2 million, with a further subscription of Ksh10,000 equivalent to 100 shares; THAT, on 27th December 2000, Barclays Bank transferred the property to the Nandi Teachers SACCO having received full payment of Ksh12,000,000; THAT, in the year 2003, some teachers were paid Ksh400 as dividends for the year. However, in the following year, 2004, the Nandi Teachers SACCO management, instead of paying dividends, allegedly used the dividends as collateral charge for the building in securing a loan to the tune of Ksh60,000,000 from an off-shore financial institution known as “ OIKO’; THAT, the secured loan of Ksh60,000,000 was credited to the Nandi Teachers SACCO Current Account No. 0137000014, K-Rep Bank Limited, Head Office, on 4th"
}