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{
    "id": 269466,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/269466/?format=api",
    "text_counter": 277,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "The Assistant Minister for Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": "The Government is a substantial shareholder in the KPLC and, therefore, again, it is the responsibility of the Government to ensure that the public is served with electricity. As its public duty, the Government was not going to allow the KPLC to go into insolvency. That is why we helped KPLC to improve its balance sheet by converting redeemable shares, which were regarded by creditors as a debt and, therefore, put KPLC’s balance sheet into a very negative position. We felt that it was our responsibility to do that urgently. We did not give money to KPLC. We simply converted the redeemable preference shares to ordinary shares."
}