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"id": 40836,
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"speaker_name": "Mr. Mbadi",
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"legal_name": "John Mbadi Ng'ong'o",
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"content": "Madam Temporary Deputy Speaker, more importantly is the provisions of Part VII. I am more concerned about the corporate rescue. That is because in this country, cases of companies which have gone under receivership, I only know of Uchumi Supermarkets which was revived. That is because there was a rescue plan for it. There was a corporate rescue process. Otherwise, all the others have collapsed because we do not have a clear procedure of how, if a company is in financial distress as I said, should be helped to come out of it. I want to just give an example of Kenya National Assurance (KNA). The company was very rich in terms of physical assets. But because it could not, at one time, meet its financial obligations - and that is purely a cashflow problem â it was put under receivership. Instead of coming out of it, the assets of that company were mismanaged and disposed of in an irregular manner. There was fraud. You could not even determine where some amounts were banked after the assets were sold. What we have now in the name of Kenya National Assurance (2001), to me, is just but an empty shell."
}