Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 482758,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/482758/?format=api",
    "text_counter": 224,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "(eb) has at least sixty per cent of its paid up share capital owned by Kenyan citizens unless if the applicant is a bank or an insurance company. (ii) by inserting the following new amendment in proper alphabetical sequence- Renumber the existing provision as subsection (1) and insert a new subsection as follows- (l) A person registered as scheme administrator under this Act shall comply with the provisions of paragraph (eb) of subsection (1) within twelve months after the commencement of this paragraph. (a) in the column containing provisions relating to the Anti-Counterfeit Act, 2008- (i) by deleting the proposed amendment relating to section 2; (ii) by deleting the proposed amendment relating to section 16; The amendment I am proposing on behalf of my Committee as it appears on the Order Paper seeks to make administrators who are licensed to manage our benefit schemes which have at least 60 per cent of the their shareholding owned by Kenyans, just like the insurance brokers. What we are simply saying is that the retirement benefits are actual contributions by Kenyans. It is sad that we allow between 90 and 100 per cent of the shareholding sometimes to be held by foreigners. We are encouraging our youth now to participate in business. In fact, we are amending our laws to ensure that our youth are now given 30 per cent of tenders in Government. This is actually about foreigners who want to invest in Kenya; they should look for Kenyan partners, so that they can invest jointly; Kenyan will be part and parcel of the management of the retirement benefits schemes, which actually have money from Kenyans. So, I wish to ask the House to support so that all those who want to manage our retirement benefits schemes must have Kenyans on board. This is actually borrowed 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."
}