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{
    "id": 570459,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/570459/?format=api",
    "text_counter": 139,
    "type": "speech",
    "speaker_name": "Hon. Chepkong’a",
    "speaker_title": "",
    "speaker": {
        "id": 1154,
        "legal_name": "Samuel Kiprono Chepkonga",
        "slug": "samuel-kiprono-chepkonga"
    },
    "content": "Clear reporting arrangements are now required with express procedures on how to deal with conflict of interest situations. It has been very difficult in the current legislation to deal with conflict of interest of directors. For instance, the borrowing of monies from a bank by the directors is in total conflict of their requirements that they must not participate in borrowing monies to reduce the value of the company. This legislation or Bill ensures that we do away with those bad practices by directors of interfering with the management of companies. Hon. Temporary Deputy Speaker, banks are also companies. Stiff penalties, including fines and terms of imprisonment, have been introduced other than the fines which are contained in the current Companies Act. We have introduced imprisonment now. We will see directors not only paying fines but also being sent to jail. This provision did not exist before. These are the provisions that have existed in other developed economies, like in the United States of America (USA). You must have seen many directors being fined and sent to jail 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."
}