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{
    "id": 505882,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/505882/?format=api",
    "text_counter": 497,
    "type": "speech",
    "speaker_name": "Hon. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "Secondly, the Committee recommended that KACC should also carry out investigations to establish the role played by the Treasury and why it did not put in place the necessary measures to safeguard public interest. Because of this, the Committee has recommended that the Treasury should always be prepared to safeguard the public interest in any investment venture. That is because those who are supposed to enjoy dividends are the taxpayers. Therefore, should any investments fail--- I stand here to say that, to date, all the serious investments - those of concession and privatisation of public investments - have not been done very well. We have heard about Telkom Kenya, Kenya Oil Refinery, Kenya Airways and many other investments that the Government has divested. They are not doing very well. One of the causes of that is that privatization was not well thought-out. We have the Kenya Privatisation Commission, the Investment Secretary and the Kenya Investment Authority. Those institutions must be prepared to safeguard the interest of the Kenyan taxpayers at all times. Look at what is happening to Telkom Kenya; it inherited one of the biggest telecommunication infrastructures and yet, it cannot compete with Safaricom and Airtel. They inherited everything from the old Kenya Postal and Telecommunications Corporation (KPTC). I do not think the desire was to make proper investments; the desire was to get the properties, the land and everything from the old KPTC and use those utilities instead of having Telkom as a viable investment institution. This issue should be investigated."
}