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{
    "id": 976302,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/976302/?format=api",
    "text_counter": 64,
    "type": "speech",
    "speaker_name": "Kilifi North, ODM",
    "speaker_title": "Hon. Owen Baya",
    "speaker": {
        "id": 13373,
        "legal_name": "Owen Yaa Baya",
        "slug": "owen-yaa-baya"
    },
    "content": " Thank you. THAT, the factory served farmers in the former Coast Province through their cooperative societies and the Kilifi District Cooperative Union (KDCU). The Government shareholding in 1982, through the National Cereals and Produce Board (NCPB), the Industrial Commercial Development Corporation and the Industrial Bank was 65 per cent while the cooperative movement held the remaining 35 per cent through the KDCU. THAT, the Kenya Cashew Nuts Factory was an important economic mainstay of the coastal districts, now counties, and contributed immensely to the development of the cashew nuts subsector in the country. When the Government decided to divest from the factory, KDCU exercised its pre-emptive rights and purported to have acquired the Government’s 65 per cent shareholding in October 1993. THAT, following the divesture, the Kenya Planters and Products Limited (KPPL) and the Cashew Nuts Development Investment Limited which were both private companies, mysteriously and fraudulently joined the factory as shareholders under unclear circumstances obtaining 51 per cent and 14 per cent of the Government shareholding respectively. THAT, neither the Government nor the farmers received any payment from the fraudulent transfers, and that the then KDCU officials colluded with various individuals to deprive farmers the opportunity to purchase the 65 per cent shareholding via their pre-emptive rights which later led to KDCU being excluded from management of the factory despite holding 35 per cent shareholding. THAT, in 1996, KPPL claimed that it advanced a loan of Kshs2 million to the KDCU allegedly for the purchase of cashew nuts from farmers. They said that this loan was not repaid 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."
}