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{
"id": 195680,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/195680/?format=api",
"text_counter": 157,
"type": "speech",
"speaker_name": "Mr. Kimunya",
"speaker_title": "The Minister for Finance",
"speaker": {
"id": 174,
"legal_name": "Amos Muhinga Kimunya",
"slug": "amos-kimunya"
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"content": " Mr. Speaker, Sir, may I start by saying that I have absolutely no interest in any of the parties that are involved in that transaction. My interest is upholding the public interest in that transaction, by ensuring that the Kenyan public, at least, can salvage something from the swindle that was there; facilitated by several people who have ripped a lot of money from that transaction, right from the initial disappearance of Kshs2.5 billion, to all the court cases that have been going on there; to the people receiving benefits and continue to do so, to the exclusion of Central Bank of Kenya, which had the legal charge over that hotel. What we have done in the last eight months is to try to bring back a public asset that had been taken away. It was taken away in 1993 and 1999. We restored part of it in 2004 and now, we have restored everything in 2008. For that, we should be getting an applause and not condemnation! Unless, of course, we have denied some people the gravy train that has been the Grand Regency/Uhuru Highway Development Limited saga in courts. Mr. Speaker, Sir, specifically on the clarifications sought, indeed, there was a State visit. I understand from hon. Imanyara that Dr. Kituyi made a Statement. I do not have the full Statement with me. I do not know what he said. But I treat reference to Libyans as an interest in purchasing the hotel and not a contract to purchase it. So, I look at them as one of the several people who have expressed an interest in the purchase of the hotel, should it come up for sale. In terms of the receivership, I think it is important that we understand here that the hotel is owned and registered under Uhuru Highway Development Limited. I have explained that and stated it in my Statement. The Central Bank of Kenya's interest is securing a charge over the Kshs2.5 billion that was irregularly taken out of it. That is why we are holding the hotel as security with the intention of safeguarding the Kshs2.5 billion. Now, the reason why we are not having Utalii Hotel or, indeed, any of the other people managing the hotel is that, we are exercising our power. We have a charge on the hotel. We do not own it. When you own, you choose your managers. When you do not and you are on a charge, you appoint a receiver-manager. I thought hon. Imanyara is a lawyer and he would be the best to advise us on that! Mr. Speaker, Sir, on the reserve price, I said that we were owed Kshs2.5 billion. The minimum we would be contemplating, even if we were to sell it to anyone is to, first of all, realise that Kshs2.5 billion. That is the context in which I have been made to understand about the reserve price. But the minimum we would be prepared to even think of is to realise the Kshs2.5 billion that was taken away from the public. 726 PARLIAMENTARY DEBATES April 29, 2008 In terms of whether we can do an Initial Public Offer (IPO) on a hotel--- I like hon. Imanyara's passion on this. I hope he participated in the Safaricom IPO. Obviously, through an IPO, you can only issue shares that you have. You cannot issue somebody else's shares. The hotel is owned by Uhuru Highway Development Limited. So, we cannot go out there and tell Kenyans that we are issuing an IPO on a hotel that is owned by somebody else. So, I think just for clarification---"
}