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{
    "id": 556355,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/556355/?format=api",
    "text_counter": 106,
    "type": "speech",
    "speaker_name": "Hon. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "Shockingly, again Essar Energy engaged in an issue I can only describe as cheque kiting. They issued a cheque on 30th July 2009 in favour of the Kenya Petroleum Refineries Limited (KPRL). That cheque was in circulation for two good years until 30th July 2011. A cheque issued in exchange for the shareholding of this facility was in circulation within Government institutions between KPRL, the Treasury, Ministry of Energy and Essar Group for two good years until the cheque became stale. Therefore, when it was presented to the bank, the only words the bank used were Real Time Gross Settlement (RTGS) and we all know the meaning of that because we all operate accounts. Therefore, that cheque was not honoured. So, you ask yourself: one is expected to oversee a Government facility yet one allows a private company to take over the shareholding of the Government of Kenya in a very important institution. One then goes into negotiations and those negotiations start from US$15 million until the figure reduces to US$2 million. One is then given a cheque which one does not present for two years until it becomes stale. Eventually, that cheque was not even presented. Once that transaction was through, that briefcase company came back and said that that facility was not profitable; that facility was not productive and it was not consistent with their business principles and therefore they wanted to exit. They then handed over a demand note of US$5 million and that is what the Government of Kenya and the taxpayers are expected to pay. If this is not fraud of the highest order, I do not know what else can fit the term “fraud”."
}