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{
    "id": 419061,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/419061/?format=api",
    "text_counter": 104,
    "type": "speech",
    "speaker_name": "Hon. Gikaria",
    "speaker_title": "",
    "speaker": {
        "id": 2489,
        "legal_name": "David Gikaria",
        "slug": "david-gikaria"
    },
    "content": "As regards compensations of the victims of the pyramid schemes, this is the response that we got from the Ministry. First of all, based on the evidence adduced, there are indications that recoveries of deposits from the accounts of the pyramid schemes were not carried out due to court orders that discharged the freezing orders, thereby resulting in withdrawal of Kshs11,039,000 contained in the said accounts. Furthermore, investigations have not been exhaustively carried out to enable water tight evidence that would stand in a court of law thereby, making it difficult for any recovery of properties alleged to have been purchased using proceeds from the scheme. Secondly, where evidence was available, penalties prescribed by the Banking Act, the Penal Code and Micro-Finance Act were lenient and not prohibitive. Thirdly, sentences requiring fines to be paid did not benefit the victims as fines were payable to the State. There is need to come up with a law that deals specifically with pyramid schemes and which would impose heavy penalties on offenders. The Committee The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}