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{
    "id": 1523689,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1523689/?format=api",
    "text_counter": 188,
    "type": "speech",
    "speaker_name": "Sen. Cherarkey",
    "speaker_title": "",
    "speaker": {
        "id": 13217,
        "legal_name": "Cherarkey K Samson",
        "slug": "cherarkey-k-samson"
    },
    "content": "I warn companies on this issue of insider trading, they must meet the regulations. The Capital Markets Authority (CMA) is the regulatory body. What are they doing? This is their job. Our business in the Senate is to pass the law. The implementers must do their job. I have told you the reason some of us are pushing to ensure that East Africa Breweries Limited (EABL) is run above board. Most of our young people are dying because the alcohol that is being sold in market does not meet the health standards, be it of consumption or even the functionality of the human body. I want to challenge the Committee on Trade, Industrialisation and Tourism, through the Vice Chair, let us also invite EABL. You should form an inquiry. I am told they are selling assets. They are also doing contractual farming. This is where they come to your farm and do contracting farming for you to produce barley, which is majorly used for processing alcohol. Consequently, on contract farming, we must be told what EABL is doing. I have met farmers who feel that they were contracted by EABL to do barley, but after some time, their contract has never been honoured. On the issue of distribution and asset sale, we are aware that EABL has sold a lot of assets, but this is a public-traded company. They should be accountable for how many assets there is, for instance, the Kenya Railways. I was here the other day on the issue of Kenya Railways. Kenya Railways is a public company, but the Managing Director (MD) and management of Kenya Railways are running it like a personal property. They are leasing the property of Kenya Railways in major towns. The only advantage of Kenya Railways is that they have a lot of land. Thus, these public-traded companies must be held accountable. Under the principle of company law, it can lead to a position where we are lifting the veil. As I wish the Party Leader of United Democratic Movement (UDM) Sen. (Cap.) Ali Roba and other Muslims all the best during this Holy month of Ramadan, we must lift the veil. This is a principle in law that you and I understand very well. Of course, our lecturer, the Senior Deputy Clerk (SDC) Gichangi, understands this; that we must lift the veil to know what this is. This is why we have destroyed the economy. The moment you do no lift the veil, you will never know the insider trading, corruption and bad governance within the companies. Sen. Mungatana will tell you corporate governance of running companies is a bigger challenge going into the future. Madam Temporary Speaker, on the issue of tax, the Kenya Revenue Authority (KRA) should be on high alert as we trade and as shares are being sold. The Members of the Committee on Finance and Budget are here and we are told from the Budget Policy Statement that the budget of Kenya is Kshs4.2 trillion. I am told KRA is projecting to collect almost Kshs3trillion in terms of taxes. The public debt is more than Kshs10.5 trillion and we are paying Kshs1 trillion or more. It means Kenya in the Financial Year 2025/2026 will have a budget deficit. Therefore, we cannot allow such companies to get away in terms of share trading without taxes being paid to KRA, so that we can have revenue. You can see the Government has a lot of pressure to develop the country. I want to thank His Excellency the President because on Thursday, we were launching Koitalel Samoei University in Nandi Hills Town. The reason it was delayed is because of lack of funding. We were looking towards constructing a University Called Koitalel Samoei University, who is one of our legends in Nandi and across the Kalenjin The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}