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{
    "id": 461228,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/461228/?format=api",
    "text_counter": 171,
    "type": "speech",
    "speaker_name": "Hon. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "We had two individuals who appeared before the Committee and each was claiming to be the Managing Director. All this is in the HANSARD. We went ahead and interrogated the contract process. Permanent Secretary, Mr. Kinyua, advised against using the LCs which were anchored on something called “standby letter of credit,” and which is a facility provided by an international financially stable bank. Because they did not have any facility, these individuals purportedly decided to use a joint venture in the name of a company called “Kapu International;” it drafted a joint venture in order to prove that the company had the financial capacity to supply the maize. Hon. Speaker, Sir, from our revelations, Kapu International was as insolvent as the M/s Erad Supplies and General Contracts Limited. The MD was not there and the company did not have these documents, and they approached I&M Bank. Before these tender documents were verified--- I do not know whether these people stole them or they were acting in connivance with some officials; they bought a draft contract agreement which was presented to one of the banks. But this bank was expected to issue a bid. The I&M Bank issued a conditional bid because M/s Erad Supplies and General Contracts Limited was expected to provide the details of any internationally recognized financial institution that would guarantee, or give them, a standby letter of credit. So, I&M issued that bid bond to the National Cereals and Produce Board (NCPB) - I do not know whether it was through connivance - in order to allow M/s Erad Supplies and General Contracts Limited to sign the contract. One day after that purported bid was issued, I&M Bank went ahead and cancelled the bid without notifying NCPB and the public. There was a fake bid bond that was used to transact business worth hundreds of millions of shillings. We called the management of the company and asked how it issued that document, the bank officials had no answer. So, from our deductions, as you will see later, we concluded that the bank was part of the cartels because every attempt was made to conceal the existence of that bid bond. The management of the NCPB--- I do not know whether it was by connivance, omission or commission, did not attempt to find out whether that bid bond by I&M Bank was genuine or valid. Hon. Speaker, Sir, those of us who are lawyers will appreciate that once you have an official document that is supposed to justify a transaction, prudence demands that, that particular entity inquires about the authenticity of that particular document. The NCPB 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."
}