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{
    "id": 685335,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/685335/?format=api",
    "text_counter": 185,
    "type": "speech",
    "speaker_name": "Hon. Kahangara",
    "speaker_title": "",
    "speaker": {
        "id": 2108,
        "legal_name": "Joseph Mburu Kahangara",
        "slug": "joseph-mburu-kahangara"
    },
    "content": "On the tax procedures, we are talking about encouraging owners of businesses to come back to this country. We know the problem of unemployment. I am sure each and every one of us here and anybody going for any elective position, knows that one of the thorny issues that comes up every other time is the unemployed youth. Over 70 per cent of Kenyans are young people and probably, slightly over 50 per cent of them are not employed. If we encourage investors to come back to this country, it means we will create more job opportunities for our people. I support that because it is a very good idea. On the financial sector, the Bill proposes to increase the core capital from Kshs500 million to Kshs5 billion progressively for a number of years. I support the same because we have seen a few people come together to raise the Kshs500 million and come up with a financial institution. What happens on the other side is that the same people who are directors in those banks are the same directors in insurance companies and in some manufacturing companies. When these people start financial institutions, Kenyans start depositing money there. The same people start getting loans through their other companies. They take all their money and fleece Kenyans. That is why when financial institutions go under we do not get the deposits made by Kenyans. It is not that Kenyans have not been able to get loans, but the same people through the backdoor get the funds deposited by Kenyans. It means that besides doing that, we also need regulations to check on conflict of interest where somebody is a director in a bank and a director in another company that asks for financing of loans. Of course, they get it very quickly and probably cheaply and end up fleecing Kenyans. We have seen Kenyans not able to deal with banks because of the interests rates. We have seen the mushrooming of shylocks and pyramid schemes which have ended up fleecing Kenyans a lot of money."
}