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{
    "id": 183406,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/183406/?format=api",
    "text_counter": 172,
    "type": "speech",
    "speaker_name": "Mr. Munyes",
    "speaker_title": "The Minister for Labour",
    "speaker": {
        "id": 187,
        "legal_name": "John Kiyonga Munyes",
        "slug": "john-munyes"
    },
    "content": " Mr. Speaker, Sir, I think the last one would reside with the Ministry of Finance but let me proceed. The House has to approve all the investments. Yes! I think at a later stage, if we bring amendments to this House for the law to be changed, then that could apply. But for now, the Act gives the Minister powers. The problems affecting National Social Security Fund (NSSF) could not have occurred if the previous Ministers could have been involved. The Act is very clear. Every investment must be approved by the Minister. But I think the current Board has never presented those investment approvals to the Ministers. I am one of them! I have never gotten anything presented to me for approval. That is why I am taking that action to ensure that, in future, that does not happen again. Yes, the Capital Markets Authority (CMA) advised me on this matter. I called them and had a lengthy meeting over this issue. They advised and told me: \"We stand to lose this money because we have no share certificates.\" I asked them whether there was a way to go around it. They said that without a document like that one, that money was as good as lost. So, I think it is important for us as a Government and a Ministry to take action on anybody who is involved in that matter. The 82 nominee accounts used by the Board is an opaque system. It is not best practice. They should have just invested the money through the NSSF. But they decided to take shortcuts. If they did not use those nominee accounts, we would not have lost the money! So, I think it is something we have learnt today that, for any institution in this country, we should not entertain the use of nominee accounts. The new Board, as you know very well, is a Board that takes in the social partners in industrial relations. The Federation of Kenya Employees (FKE) and Central Organisation of Trade Unions (COTU) must be represented in that Board. But I do not think that the law says: It must be the heads of those institutions. Now that we have a problem with those heads who represented them at that time, I will call them tomorrow and explain to them that I need fresh names because those ones have been implicated."
}