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{
    "id": 973088,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/973088/?format=api",
    "text_counter": 45,
    "type": "speech",
    "speaker_name": "Sen. Wetangula",
    "speaker_title": "",
    "speaker": {
        "id": 210,
        "legal_name": "Moses Masika Wetangula",
        "slug": "moses-wetangula"
    },
    "content": "Thank you, Mr. Speaker, Sir. I also join you in welcoming the students from Tangaza College and members of staff from EALA to the Senate. Looking at this Petition, it casts a sorry state of affairs. This country is littered with frustrated, collapsed and defrauded SACCOs everywhere. SACCOs are drawing members from workers who surrender a portion of their income with a hope that it will make a better tomorrow. However, what turns out is often a nightmare. I come from very close to Eldoret. The Moi University SACCO Towers in Eldoret is one of the most prestigious towering structures in the town of Eldoret. Besides that, I have no doubt that that structure is worth anything in excess of Kshs700 or 800 million. What is worse is that the bank has put in place a liquidator who is now becoming a problem instead of helping to save the SACCO. From the information available, the liquidator is collecting rent of up to Kshs2 million a month and is not accounting to anybody. We know that Petitions take much longer than 60 days in the Senate. Now that it is on the Floor of this House, it does not automatically injunct the liquidator and the bank from disposing of the assets fraudulently in an undervalued manner to choice buyers and to disenfranchise the petitioners and their members even more. I heard her say that there is an injunction application in court. I urge the Committee that you will direct to deal with this Petition to save these members who have put their sweat in this process to immediately call the Cabinet Secretary (CS) responsible for Industry, Trade and Cooperatives to ensure that he gives a ministerial order to Cooperative Bank of Kenya which is also owned by cooperatives including MUSCO, that no remedial action is taken against the assets of this cooperative until the Senate finishes this transaction and files a report. In fact, now that the Petition has landed here, those fraudulent characters will dispose of this property to themselves even tomorrow. So, we need very clear direction from this Floor. The Cabinet Secretary (CS) for Industry, Trade and Cooperatives must be made to appear before the responsible committee that you will direct this matter to as urgently as tomorrow or Tuesday, to ensure that through his executive authority, the matter is left in abeyance until this Senate pronounces itself formally on this matter. This is because I know many people who are suffering as a result of the instability---"
}