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{
    "id": 507796,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/507796/?format=api",
    "text_counter": 255,
    "type": "speech",
    "speaker_name": "Hon. Chanzu",
    "speaker_title": "",
    "speaker": {
        "id": 11,
        "legal_name": "Yusuf Kifuma Chanzu",
        "slug": "yusuf-chanzu"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker. I rise to support the adoption of the 17th Report of the Public Investments Committee, which was tabled in this House. I take the opportunity to congratulate the Committee for having been able to bring the Report. In the last Parliament I was a member of the PIC; I was the Vice-Chairman. What we found out was that there was a lot of backlog. In fact, if you look at the Report, you will find that quite a number of parastatals, or Government corporations, had not done reporting on what had been brought here by the then Controller and Auditor- General. For example, for the Jomo Kenyatta Foundation (JKF) we were investigating issues dating back from 1999 to 2008. Even for Nzoia Sugar Company, which was meant to improve the livelihoods of people in that area through sugarcane growing, we were doing the reports of 1999 up to 2001. A big organization in which we have had a lot of problems is the National Social Security Fund (NSSF), which is intended to hold savings of small savers. They have had to divert from the main activity which they are supposed to carry out and go into huge investments like buying property, which is sometimes wasteful, and investing in securities. We noted that CEOs of the NSSF would just make a phone call to institutions like the Kenya Commercial Bank (KCB) and buy shares in them without seeking the approval of the board. In the case of NSSF, they collect a lot of money and the CEO would just take a proportion of that money and put it into investments. In fact, that is why the NSSF has lost a lot of money through investments, which are not prudent at all. 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."
}