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{
    "id": 40828,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/40828/?format=api",
    "text_counter": 317,
    "type": "speech",
    "speaker_name": "The Assistant Minister for Industrialization (",
    "speaker_title": "",
    "speaker": null,
    "content": "week, I spoke to the point where Pan African Paper Mills has reached and the challenges we have had in the turnaround of that business because of certain actions of previous management. At the moment, there is no provision on how to adequately bring directors to account where they have taken illegal action that contributes to insolvency or an event of liquidation. Finally, at the moment, what we have is cumbersome. As the Attorney-General explained, we do have a law that is fairly antiquated. So the process of making these decisions from an economic point of view is long, cumbersome and very costly. So the process outlined in this proposed law seeks to streamline this process to make it easier, clear and predictable. It shows what happens at what point so that it is less costly. Again, I want to go back to our challenges with Pan African Paper Mills and the cost to Government in the public interest to try and put this thing right. We will streamline the process; make it cheaper, clearer and more predictable. Mr. Deputy Speaker, Sir, as I have explained, in trying to graduate enterprises; in trying to ensure that as an economy we are allocating resources or investible resources into enterprises that are viable and that we are providing incentives to the owners of these enterprises, we seek to provide incentives so that Kenyan investors can make those decisions. That is what we needed to do in order to modernize. As I explained, it is part of a set of laws; the Companies Bill that is already before us, the Accountants Act that we passed last year and so on. There are a set of Bills designed to modernize the business environment, move us into the future that is the Vision 2030 of our national projection. I beg to second."
}