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"id": 45844,
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"speaker_name": "Mr. Njuguna",
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"legal_name": "Peter Njuguna Gitau",
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"content": "Thank you, Mr. Temporary Deputy Speaker, Sir, for this chance to contribute to this important Bill. First of all, let me thank the Attorney-General of the Republic of Kenya for the bold manner in which he has presented the Bill to this House. I am excited because I could note from the presentations that wider consultations were done by the Attorney-Generalâs Office. The Kenya Association of Manufacturers, COTU and the lawyers associations were also consulted. Their views, suggestions and ideas are properly incorporated in this Bill. I would have wished that views from KNUT and KUPPET were also embraced and incorporated in this important Bill. Our country requires a Bill of this nature if we want to improve the investment climate in this country. Those countries that are advanced and have modernized their company laws like Malaysia and Korea have many companies. Therefore, it is very appropriate and timely that this Bill has been brought to this House for review and passage. Mr. Temporary Deputy Speaker, Sir, globalisation enhances commerce and trade in our country. If our laws are also in tandem with the changes taking place in the world, new investors will also come to this country and create job opportunities for our youths. There are companies which have already exited from this country, an example of which is the Overseas Trading Company, which used to be quite vibrant in the early 1950s. This means job opportunities got lost. The Rift Valley Railways Company has not done much even in terms of improving the companyâs image, or creating adequate job opportunities for our youths. This is an investment which needs to be checked by the new legislation. We have seen big companies investing in this country and improving the revenue base for our country. Examples are the British American Tobacco (Kenya) Limited, the East African Breweries and Bata Shoe Company Limited. Even small companies have done a great job in this country. Revenue collection is very important if this country is to grow socially and economically for the advancement of the population of this country. We need an increase in industrial, financial and mining investment in this country. In order to attract investment, we need a modern law. We need to have small and big cars assembled in this country, so as to improve the economy of this country. Mr. Temporary Deputy Speaker, Sir, a good investment climate will translate into improved security. Security is a very important component in terms of economic development. When there are no jobs, the youth become idle and, consequently, resort to crime to earn their livelihood. This law will create the necessary investment and reduce insecurity. It will enable the youths in this country to improve their income. The performance of the tourism sector will also improve if this law becomes a reality. The GDP of this country will also go up. Again, this is in line with our Vision 2030, under which we envisage to industrialise the whole country by the year 2030. This Bill encourages private and public investment in our country. This is a new development, which will be supported by this law. We have seen stockbrokers in this country go under with massive resources of poor Kenyans. If this law was in place a decade ago, Kenyans would not have lost their money. Millions of shillings belonging to Kenyans have been lost through stockbrokers and pyramid schemes. We have seen people commit suicide in this country for lack of this very important law. We have seen the pioneer of pyramid schemes jailed for almost 100 years in the United States of America (USA). So, our laws should provide for adequate punishment to those people who do not follow the laws of this country. Mr. Temporary Deputy Speaker, Sir, it is also envisaged in this law that workers in various companies will have an opportunity to buy shares and earn salaries at the same time. Companies which have been involved in contraband and counterfeit goods will also face very heavy penalties. It is indicated in this Bill that a fine of Kshs100,000 will deter people from indulging in such activities. There is an important provision in this Bill, which states that a new company will be registered within 21 days. This will attract more investors and bring in funds from all over the globe. It will enhance confidence amongst investors and bring about competition amongst them. This law outlaws bogus companies. Such companies will cease to operate as heavy penalties will be slapped on their owners. In the recent past, some people have been minting money. Fake currencies have been circulating in our economy. The Banking Fraud Unit at the Central Bank of Kenya must rise to the occasion because the image of this country is getting tarnished. We should not allow idle people to continue enjoying rights which do not belong to them. Jaws must be opened for those people who are making millions of shillings through fraud. Mr. Temporary Deputy Speaker, Sir, this is a very timely Bill. Therefore, I fully support it. With those remarks, I beg to support."
}