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{
    "id": 542498,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/542498/?format=api",
    "text_counter": 229,
    "type": "speech",
    "speaker_name": "Hon. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "These are the recommendations that we are asking this House and other investigative agencies to take seriously. First, the Ethics and Anti-Corruption Commission (EACC) to investigate the officials in the Ministry of Finance or the National Treasury and in the Ministry of Information and Communication Technology, as it used to be called, who were involved in the entire privatisation, recapitalisation and restructuring of the balance sheet of Telkom Kenya from 2007 to date because the whole process is suspect. Secondly, the EACC should investigate the National Treasury for committing the Government of Kenya to sign a recapitalisation programme and a restructuring agreement without making sure that there was adequate budgetary provision contrary to Section 26(6) of the Public Procurement and Disposal Act of 2005. Hon. Temporary Deputy Speaker, how do you commit the taxpayers into an agreement that you know is not supported by budgetary provision? This is exactly what happened. They committed on behalf of our people what they could not honour. Eventually, that is why the taxpayers lost their shareholding from 49 per cent to 40 per cent and eventually to 30 per cent. In the process, we have lost shares worth over Kshs66 billion. If 9 per cent of the shareholding of Telkom Kenya is equivalent to Kshs30 billion, you can compute what 100 per cent would be. You can compute what 49 per cent would be and what 30 per cent would be. Therefore, our conclusion is that taxpayers lost shares worth over Kshs66 billion through this fraudulent process. Therefore, we are asking that those who committed the taxpayers into this fraudulent agreement without a budgetary support must be brought to book. These individuals are known. They should be named and shamed. So, we expect the EACC to bring these individuals to book as soon as possible so that they can serve as a lesson to any other future participants in future privatisation processes. Thirdly, we are recommending that the EACC should investigate the ownership, identity, the legal existence and location of this mysterious entity called the Alcazar Capital LLC and determine its role in the privatisation process."
}