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{
    "id": 610238,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/610238/?format=api",
    "text_counter": 211,
    "type": "speech",
    "speaker_name": "Hon. Langat",
    "speaker_title": "",
    "speaker": {
        "id": 384,
        "legal_name": "Benjamin Kipkirui Langat",
        "slug": "benjamin-langat"
    },
    "content": "Hon. Speaker, he does not mean bad for me because he is my very good neighbour. I was proceeding to tell hon. Members that 51 per cent for each of those companies will go to a strategic investor; 24 per cent will go to farmers and employees with a further 6 per cent to make it 30 per cent, which will be held for them, so that as they get money they buy--- The Government will still retain the balance of the shares. That is the structure adopted. This is a better arrangement; getting a strategic investor who will take charge of the company. What went wrong at Mumias Sugar Company is that most of the investors who bought shares are small investors. Each of them bought very few shares. There is no one who can say that the company is theirs. Nobody is really in charge. That is where the failure is. We need to correct the mistake of Mumias Sugar Company so that we can get somebody who will be overall in charge, to take the final risk on investment and to control the management of the companies. Otherwise, if we sold them in bits of 10 per cent, we will have a situation where we all own the company but in the end nobody owns it. We will go the Mumias Sugar Company way, where nobody takes charge, and therefore, left, right and centre there will be no sugar. So, that approach was accepted by the Committee and we call upon the House to approve it. The overriding interest is that we want the farmer to deliver the cane to the nearest factory, the factory to buy the cane and the farmer to be paid there and then; if not, by the end of the month. That is the overriding interest we want to see. 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."
}