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{
    "id": 542482,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/542482/?format=api",
    "text_counter": 213,
    "type": "speech",
    "speaker_name": "Hon. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "All these were done without contacting any asset registry, conducting any valuation and going through the route that any transparent restructuring would have gone through. It is because of this that the Government of Kenya’s shareholding was later on reduced. The Government allowed, in exchange of Kshs30 billion loan to reduce its shareholding in Telkom Kenya by 9 per cent. Again, the Government failed to honour the commitment that they had entered into with other groups in contributing Kshs4.9 billion. Eventually what happened is that, it lost a further 10 per cent of the shareholding of Telkom Kenya through dubious means because there was no budgetary provision yet the Government had entered into a commitment. The Government lost a further 10 per cent. Therefore, the shareholding of the taxpayers in Telkom Kenya was reduced from the initial 100 per cent to 49 per cent; from 49 per cent to 40 per cent; and, further from 40 per cent to 30 per cent. All these happened without the requisite involvement of institutions like the then Communications Commission of Kenya (CCK), the Privatisation Commission, the Office of the Attorney-General of the Republic of Kenya and by extension the Office of the Auditor-General. This created a confidence crisis. To date, one of the things that we have attempted to find out is the ownership of some of the companies that purportedly participated in this consortium."
}