Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 350304,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/350304/?format=api",
    "text_counter": 1051,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "So, therefore, it was difficult for the Capital Markets Authority (CMA) to resolve the matter. One faction of the Board made a decision that the only way to deal with a dysfunctional Board was to call an extraordinary general meeting with the shareholders there who can then decide on the directors that would be responsible for the policy direction of the company. When this decision was made to call for the Annual General Meeting (AGM), the CMA intervened and said that that should not happen because to call an AGM with a lot of controversies outstanding would not resolve the matter. When CMA intervened and stopped them from calling for an AGM, this faction of the Board went to court because they argued that under the Companies Act, the issue of the Board and the selection of the Board lies with the shareholders. So, the matter went to court. In the meantime, the other faction worked it out in such a way that they were trying to remove this faction that went to court. So, anyway, there was this to and fro and the CMA, on meeting us, came and told us that ultimately the Board issue has to be resolved but, however, they must find out some of these allegations of governance issues – conflict of interest among some of the directors, procurements were not proper and so on. So, what they said was that when they had procured the services of an external forensic auditor who was to come and look at all the books and practices of the Cooper Motors Corporation (CMC) and that they would be issuing a report sometime in January. In the meantime, the management of PWC had also hired another audit firm called PriceWaterHouse Coopers but with a restricted mandate to look at the relationship between Andy Forwarders which is a shareholder of CMC and Cooper Motors Corporation. So, in the meantime, we wanted to find out about the issue of the work permit because that had nothing to do with shares being listed or not trading on the Nairobi Stock Exchange. So, we invited the Minister of State for Immigration and Registration of Persons to come and address the issue which hon. Khalwale had raised in a Question before the House. Indeed, he came and appeared before us because he had rejected the work permit and then he reinstated it like one day later and we wanted to find out what had happened. Why was this change of heart which was a very peculiar situation? However, he went on to tell us that the information that Bill Clay had given to the immigration department was not complete and some of the documents that had been asked for were not provided. So, as a result, that is why he was in the first place unwilling to issue a work permit. In fact, he gave an opinion and that can be found in the evidence that he actually gave to the Committee but in his view, Bill Clay was not qualified to take on the job that a Kenyan could be able to perform that is also in his submissions in the evidence he gave. As a result that job rightfully should be performed by a Kenyan. So, while all this was going on, we got copies of the PWC Report; we also got copies of the Webber and Wentzel audit report. Webber and Wentzel is a foreign forensic audit company from company from South Africa, which had actually been hired by the Capital Markets Authority, as the regulator. So, perusing this report you see that all the recommendations that are in our report are actually derived directly from the forensic audit by Webber and Wentzel. In other words, we took this as an independent, unbiased and objective report and borrowed from it. All the recommendations that we have given, other than the issue of the work permit for Bill Lay, are actually derived directly from the Webber and"
}