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{
    "id": 851364,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/851364/?format=api",
    "text_counter": 283,
    "type": "speech",
    "speaker_name": "Gilgil, JP",
    "speaker_title": "Hon. (Ms.) Martha Wangari",
    "speaker": {
        "id": 13123,
        "legal_name": "Martha Wangari",
        "slug": "martha-wangari"
    },
    "content": "If you look at page 429 on the social impact member, they say the special fund investment policy means the policy formulated by the investment committee to govern investments from the special fund. The special trustee means that the trustee is constituted under Section 47. The details may look like easy amendment but the devil is in the details. This will be a take-over of the SACCOs. Part II of the special funds says that there shall be paid into the special fund monies received from social impact members. Do we even question the source of these monies? As much as I appreciate the issue of supporting innovation for young people who do not have jobs, I totally think that we cannot close our eyes to the source of the money that is being put by this class that has been introduced. It seems to me that this will be a source of takeover, money laundering if it is not taken carefully. If it is not well thought out, people will come with money from nowhere. If you want to get an investor, I would rather we put money in Uwezo Fund, Youth Fund and Women Enterprise Fund for people to borrow or to access to make their innovations a reality. Even the private sector is there. If you watch the KCB Lions’Dens which is a programme on television, it looks for innovators who have ideas and do not have the capital. As an individual, I can look at a situation and think that this can make me money. I can make a deal and get 70 per cent. In term of source of funding, we cannot close our eyes to issues of the source of the money. That is very critical. If you read the mother Act, the issue of investment is very elaborate in terms of how SACCOs can invest. I even own property owned by SACCOs. In terms of investment and the percentage of how much they can put so that the regulations of money laundering and cheating can be curbed are in the law. What this investment committee introduces is discrimination towards other members because they have introduced new requirements, such as the professional experience of six years and various degrees. This is not right. If you look at Clause 47(2)(c) it states that a special fund trustee shall be appointed by the social impact members on such terms as social impact members shall deem necessary. Who gets such powers when you do not subscribe to anything? You just walk in, put in some money, get power to vote and decide on the issues you want voted on and you can now actually control the special fund! If there is any mischief, I think this is the mischief we are dealing with. So, I totally oppose unless all these clauses are expunged from the SACCOs and Cooperatives Acts. The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}