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{
    "id": 316650,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/316650/?format=api",
    "text_counter": 381,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Further, on this joint venture, we did not give it a blanket approval. The idea is that due diligence should have been done and that was not done. I do not know which investor just puts money in a venture without any due diligence. I do not know which investor puts money where the land belongs to him and all the machinery is old. The structure is worth maybe Kshs50 million and he is putting in Kshs600 million for absolutely no reason. The valuation related to the machinery is also in question. Machinery, by passage of time, naturally, amortizes itself. The machinery at Ruaraka is analogue and today, every manufacturing plant is digital. There is no way you can use that machinery at all in printing the new generation bank notes especially those recommended in our new Constitution. The other issue that we had was that we were going through some other funny companies in Switzerland to be the joint owners of the joint venture. We did not understand why we could not simply own it jointly with De La Rue International from London. I need not say anything other than to let you imagine why. This Committee has done a very good job. The Auditor-General has given us a very good report. We are not averse to us acquiring the plant at Ruaraka, but it must be at a fair price with due diligence properly done and at such a timing that we do not rush to have to paint the old notes. Meanwhile, we should also be subjecting all our tenders to international bidding. With those few remarks, I beg to support."
}