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{
    "id": 507793,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/507793/?format=api",
    "text_counter": 252,
    "type": "speech",
    "speaker_name": "Hon. Kang’ata",
    "speaker_title": "",
    "speaker": {
        "id": 1826,
        "legal_name": "Irungu Kang'ata",
        "slug": "irungu-kangata"
    },
    "content": "I will give examples of two major companies which are now doing badly. They have been hiding behind this issue. The first one is Kenya Airways (KQ). Kenya Airways recently posted a loss of about Kshs10 billion in half-year results. The explanation they gave for such a huge loss was that they had been hit by the Ebola outbreak, and that terrorism has affected their business. However, the revenue in their books has been on an upward trajectory. So, it is a contradiction. Another example I would cite is Uchumi Supermarkets Limited. Uchumi is now on a downward trajectory, having been revived the other day and the Government having invested a lot of money in it. So, I belong to the school of thought that believes that we should audit all companies in which there is Government money. The jurisdiction of the Public Investments Committee should be to go to wherever Government money is, otherwise saying that we can only intervene where the Government owns more than 50 per cent of shares does not make sense. Hon. Temporary Deputy Speaker, another issue that very strongly comes out of these Reports is prudent management of companies. One of the issues we need to consider is performance contracting. Performance contracting is at present just a policy. I belong to the school of thought that believes that we can crystallise performance contracting to become a law, and so that you can give incentives and rewards to the heads 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."
}