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{
    "id": 247375,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/247375/?format=api",
    "text_counter": 233,
    "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. So, there are two reasons as to why the Government did not purchase more equity in Uchumi Supermarkets. One, it was a deliberate Government policy, which is still on-going now, to get itself out of commercial enterprises and pass it on to Kenyans through the Nairobi Stock Exchange. Therefore, that was part of the decision. Secondly, we were looking up to the private market to raise a contribution through the shares issue in order to beef up the process to make it operational again. Those are the issues that I explained. Mr. Speaker, Sir, as to the issue about the statement that seems to have been made by one Chris Kirubi, I was out of the country when the said statement that was made. First of all, I am inhibited by the fact that I have not got first-hand information on what Mr. Kirubi said but I can say for sure that when I invited the management and the Board of Uchumi Supermarkets Limited to a meeting in my office, Mr. Kirubi was the Chairman of the Board of Uchumi Supermarkets June 13, 2006 PARLIAMENTARY DEBATES 1283 Limited. It was during his tenure when Mr. Tahiri was the Managing Director; the disastrous four years during which they were purchasing Christmas cards to last for ten years. That was the period that they doubled the number of their shops, including five hyper stores on borrowed money at high interest rates. It was during that period that they entered lease agreements without escape clauses; a lease contract for 20 years, so that even now as the company becomes bankrupt, they are indebted to pay rent for the next ten years. If I was presiding over such a period, I would not draw attention to myself."
}