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{
    "id": 686560,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/686560/?format=api",
    "text_counter": 21,
    "type": "speech",
    "speaker_name": "Hon. Midiwo",
    "speaker_title": "",
    "speaker": {
        "id": 184,
        "legal_name": "Washington Jakoyo Midiwo",
        "slug": "jakoyo-midiwo"
    },
    "content": "I, the undersigned, a citizen of the Republic of Kenya, in the exercise of Article 119 of the Constitution, and having requested the Member for Gem, Hon. Jakoyo Midiwo and the Deputy Leader of the Minority Party to present this Petition to the National Assembly on behalf of myself and the general public respectively, draw the attention of the National Assembly to the following issues of major concern for deliberation and prudent resolution:- THAT, the EABL is a Kenyan-based and registered holding company that manufactures branded beers, spirits and non-alcoholic beverages. The company has subsidiaries including Kenya Breweries Limited, Uganda Breweries Limited, Serengeti Breweries Limited, United Distillers, Aventinus, East African Malting Limited and East Africa Breweries International which is the export arm of the EABL currently covering South Sudan, Rwanda, Burundi, Eastern DRC, Duty Free Sales International and other export markets. THAT, the EABL is listed at the Nairobi Securities Exchange. The Group’s largest shareholder is Diageo PLC which is reported to hold 50.03 per cent. Other shareholders who include members of the public, in total, are reported to hold 49.9 per cent. Diageo PLC is a British multinational alcoholic beverage monopoly whose headquarters are in London, England. It is said to be the largest world producer of spirits and a major producer of beer and wine. THAT, the EABL’s role in Kenya’s economy in terms of investments and creation of direct employment is over 1,500 people in Kenya, and indirect employment to another 2,000,000 across East Africa is enormous. Thus questions of insignificant financial and administrative irregularities that prejudice the company as a going concern obviously create apprehension in the public. THAT, the EABL’s continued existence as a going concern in the short-term is questionable since the balance sheet is wanting. The company has been engaging in creative accounting to deceive the public and the regulator. For instance, the current assets of the EABL as at 30th June, 2015 were valued at Kshs25 billion against the current liabilities of Kshs24 billion indicating a possible cash flow and liquidity challenges. Indeed, despite the fact that for the same period the non-current assets were valued at Kshs42 billion against the non-current assets of Kshs28 billion, the company was experiencing huge liquidity problems leading to massive borrowing to finance other debts and hoodwink the regulator. 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."
}