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{
    "id": 864279,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/864279/?format=api",
    "text_counter": 437,
    "type": "speech",
    "speaker_name": "Sen. Orengo",
    "speaker_title": "The Senate Minority Leader",
    "speaker": {
        "id": 129,
        "legal_name": "Aggrey James Orengo",
        "slug": "james-orengo"
    },
    "content": "South Africa, even under the old apartheid regime, inherited some strong institutions such as the power generating company, the Electricity Supply Commission (ESKOM), which is almost coming down. The South African Airways was one big giant and it is also going under. In Kenya, if you look at the way institutions that we have across the board are falling apart or experiencing problems, you will realise that it is a function of the economic bandits invading funds which are otherwise established under the law like the one we are trying to have or in the private sector. In the case of the United Kingdom (UK), the gentleman known as Robert Maxwell actually stole more than £400 million which was workers contribution. Sometimes he was so cocky that he said that the fund belonging to the workers, the mirror group pension fund, belonged to him because the company was his. Therefore, under this law that we are trying to promulgate, we have to be very careful how it is structured. This is to make sure that there are no loopholes for people to have access to this fund, which should go towards the benefit of, first, as a saving for particular members, second, as a saving which is available for the country as a whole for purposes of economic growth. It also provides availability of money and revenue for growth and third, for purposes of retirement. My colleague who spoke earlier took us through Clause 3 where the issues that I am speaking to are well set out in the objectives and purpose of the Bill. I am talking about how to avoid having people who have so much power and authority to manipulate such a Fund. My starting point is the powers given to the Cabinet Secretary(CS). This is a Fund contributed to by employees of county governments both in the executive and the assembly. Also, to some extent it will be contributed to by the county governments. It is an offshoot of devolution or an auxiliary structure of the system of Government that we have adopted. To that extent, I do not see why the CS should be the one to appoint the Chairperson, although he or she is appointed amongst the trustees as provided for under Clause 6. However, he who pays the piper calls the tune. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}