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{
    "id": 740500,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/740500/?format=api",
    "text_counter": 94,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "accountability in the management of both public and private companies in our country. This is as a result of what happens when big banks like Chase and Imperial collapse. The reason why those companies or those banks collapse is because the relatives and the family members of those banks did not make full disclosure to the Registrar of Companies on their shareholding in those companies. So, there is a lot of insider trading that goes on both in the private and in the public companies. Clause 10 is trying to cure that. Clause 11 proposes to amend Section 135(1) of the principal Act. This is going to make a disclosure. It requires a director of a company to make a disclosure on any other company directorship that the director holds. This in simple language means that if you are a director with Barclays Bank and the same time you are a director with Bamburi Cement, then you must disclose fully all the companies where you sit as a director. Before, people could hide the various boards where they sat whether private or public. This will also help the taxman to collect the necessary revenue by being in those positions."
}