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{
    "id": 719463,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/719463/?format=api",
    "text_counter": 94,
    "type": "speech",
    "speaker_name": "Hon. Wakhungu",
    "speaker_title": "",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "In the long run, you find the Government shareholding is diluted and the people who are buying may have seen a business venture and are going to benefit. They then go into it for their own interest. So, it is indeed important that this amendment Bill is giving a provision of doing that concept paper to the CS in charge of National Treasury, then it is discussed at the Cabinet level which is chaired by His Excellency the President. It is at the Cabinet level that a final verdict is made whether an entity should be privatised or not. Many organisations have been privatised. The Kenya Seed Company (KSC) plays a critical role when it comes to food security in this country. During its privatisation, there was no full disclosure. Individuals conspire to privatise yet we do not have full disclosure in terms of valuation. I will bring an amendment on an important point during the Committee of the whole House stage that before privatisation, valuation must be done. There must be two or three companies to carry out valuation so that there is no deliberate effort to undervalue an entity because somebody is interested in buying it. In the long run, the public loses. We can have a provision to have two or three companies for purposes of objectivity and comparison where you get an average so that you can have a true value of a given entity before you go into privatisation. Many parastatals have gone down and the Government comes in to inject some money yet its shareholding remains stagnant. In the case of Kenya Airways, how many times has the Government come in to rescue it yet its shareholding is not going up? This is not acceptable. We must have full disclosure when it comes to privatisation."
}