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{
    "id": 45839,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/45839/?format=api",
    "text_counter": 266,
    "type": "speech",
    "speaker_name": "Mr. Baiya",
    "speaker_title": "",
    "speaker": {
        "id": 8,
        "legal_name": "Peter Njoroge Baiya",
        "slug": "peter-baiya"
    },
    "content": "Mr. Temporary Deputy Speaker, Sir, even as we put this legislation in place, we should not lose sight of the fact that even within the English and international commercial system, there are challenges. There was the ponzi scheme. Such schemes are simply not a monopoly in Kenya. We had the Enron case in the United States (US) in the year 2000 that still demonstrated that there are a lot of challenges that need to be taken into account. Indeed, even the current global economic crisis has to do with some of the problems posed by company directors and chief officers - specially coming from the US - where we see the chief executive officers paying themselves exceedingly hefty payments and also engaging in speculative practices, making decisions on behalf of the company that do not reflect the best interests of the company. Those decisions are meant to artificially create the impression of huge profits with a view for the directors and chief executive officers to benefit from bonus scheme arrangements and so on. That is happening in the international system. But in the local scenario, we need to worry about those problems. We have carried forth all the rot that has been generated in the historical evolution of companies, especially from the English system."
}