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{
    "id": 541846,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/541846/?format=api",
    "text_counter": 118,
    "type": "speech",
    "speaker_name": "Hon. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "Finally, somebody somewhere decided to appoint a financial consultant, who turned out to be an employee of the Ministry of Finance. That clearly demonstrates the level of interest in the privatisation process in this country. Somebody was determined to micro-manage the entire process and ensure that privatisation went in the direction they wanted. Just like many colleagues have alluded, there is a company called ‘Alcazar Capital Limited, which participated as part of the consortium that won the tender. We were told that Alcazar Capital Limited was part of the consortium. We did everything possible to establish the identities of the owners of this company, including calling the Registrar of Companies to give us information, but nobody seemed to know of the existence of that company. We were told that they were based in Dubai. We conducted a research and established that they were not in Dubai. We were then told that the company was based in the United Kingdom (UK) but, again, we could not trace it in the UK. Therefore, the only viable answer is that Alcazar Capital Limited is a briefcase company owned by the cartels that are determined to fleece this country of its public investments. The Company is being used to fleece taxpayers of their resources. That is why we are recommending that EACC should move with speed to unmask the individuals behind that mysterious company called ‘Alcazar Capital Limited’ because that is the only way we will be able to name and shame the individuals behind the cartels that have messed up the economy of this country. The telecommunication sector is critical to the security of any country. How do you privatise such a key component of the economy without knowing the players? Safaricom Limited handles some of the hot lines and the key telecommunication infrastructure in this country, but we were told that the identity of the investors is not known. This is something we found wanting. Therefore, Government agencies like the EACC must move with speed and bring the culprits to book. Parliament has created a number of institutions to provide oversight on some critical functions. We have the Privatisation Commission, the Office of the Attorney-General, the Auditor-General, and the Communication Commission of Kenya. Shockingly, the planners and executers of those mega transactions did not find it fit to involve those critical agencies. One would, therefore, wonder what sort of privatisation it was. What we equally found shocking was the timing. The first privatisation agreement was entered into on 21st December, 2007, barely seven days before the general elections of 2007. The timing is critical. Why was it tied to a time when everybody was busy with the general elections? That was the first privatisation process that saw the reduction of the Government shareholding in Telkom Kenya from 100 per cent to 49 per cent. Then there was a crisis. The institution required capitalisation. The further capitalisation agreement of Telkom Kenya Limited was, again, signed on 31st December, 2012 – when people had gone for Christmas and anticipating the New Year. Who was in office on 31st December 2012, undertaking such a huge transaction and committing the taxpayer to an agreement that they knew would not be honoured? This is something we found suspect and wanting. On 31st December, 2012, because the investors, a French Company; wanted a further capitalisation of Telkom Kenya, the Government of Kenya committed itself to pay Ksh4.9 billion. An agreement was entered into to that effect. Two things happened: the commitment was not supported by budgetary provision, and the Government paid part of the agreed amount of money. However, the paid amount has not been taken into account 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."
}