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{
    "id": 247368,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/247368/?format=api",
    "text_counter": 226,
    "type": "speech",
    "speaker_name": "Dr. Kituyi",
    "speaker_title": "The Minister for Trade and Industry",
    "speaker": {
        "id": 293,
        "legal_name": "Mukhisa Kituyi",
        "slug": "mukhisa-kituyi"
    },
    "content": " Thank you, Mr. Speaker, Sir. That far it might appear objective, but what has raised much concern is the following: Although the business of Uchumi Supermarkets has been struggling, I am not satisfied with the speed, substance and transparency, if any, that were displayed in the process of winding it down. The closure was done in a record period of one week, with key players being kept totally in the dark. As the Minister concerned, my key representative on its board is the Managing Director of ICDC. He never informed me or sought my opinion on what was going on during that week although I was in Nairobi throughout that week. I have spoken to the President of the PTA Bank who attended the AGOA Forum with me in Washington. He gave me his word that, as a creditor, the PTA Bank has not asked for its money. It had taken the position that let the Uchumi Supermarkets struggle and they could recover their money later. Similarly, the Chief Executive Officer of the Kenya Commercial Bank; the two principle creditors, did not call for a closure. They were not even informed of the decision by the committee of the board that the company should be declared insolvent. Usually, the creditors should be the ones asking the board to declare the company insolvent, and not the board closing it behind their backs. They were not even aware or consulted about the declaration of insolvency. We all need to know whether the interests of the suppliers and shareholders were considered in making the decision to declare it insolvent. It is the duty of Government to balance between the interests of a free market economy and a critical interest of stakeholders in an enterprise of a nature as Uchumi Supermarkets. Mr. Speaker, Sir, I am taking this matter seriously. Today, I have constituted a high-level task force comprising the Permanent Secretary, Ministry of Trade and Industry, the Solicitor- General and the of this matter and make the report public for the interest of Kenyans who want to know the truth. Today, I have also relieved Eng. Munene of his duties as the Managing Director of the ICDC. Thank you. 1282 PARLIAMENTARY DEBATES June 13, 2006"
}