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{
    "id": 560165,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/560165/?format=api",
    "text_counter": 566,
    "type": "speech",
    "speaker_name": "Hon. Wakhungu",
    "speaker_title": "",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "This is for the purpose of being independent so that we do not go out there and rely on other people. Many of these parastatals do not submit statutory deductions, for example, the NSSF and the NHIF. They do not even submit PAYE. In fact, some of the figures are not accessible. As my Chairman put it, the Government has pumped a lot of money into Nzoia Sugar Company to pay farmers’ debts. However, if you go to the ground, you will realise that the farmers have not been paid. It is high time these parastatals subscribed to the internationally acceptable accounting principles. This is because the principles of accounting they have in place are wanting. Take the example of how they treat depreciation. You will find in many organizations that the method used to depreciate assets is not outlined anywhere. This is a source of corruption. For many years now, parastatals have been a source of corruption. It is, indeed, important that financial standards be put in place. Procurement is very critical and we have just passed a law on this. Parastatals must abide by the rules and regulations outlined in our written laws and the Constitution. I urge this honorable House to pass this Report. It is a good Report and it is going to set pace. For those corrupt CEOs, I want to tell them that their days are numbered. I support the Motion."
}