Chrysanthus Barnabas Okemo

All parliamentary appearances

Entries 341 to 350 of 559.

• 28 Jan 2009 in National Assembly: Madam Temporary Deputy Speaker, I would like, therefore, on behalf of the Committee pursuant to the provisions of Standing Order No.162, to present to the House the Committee's Report on the sale of Grand Regency Hotel. view
• 28 Jan 2009 in National Assembly: Madam Temporary Deputy Speaker, I would like to talk about the background very briefly. On the 23rd April, 2008, Mr. Gitobu Imanyara, MP, sort a Ministerial Statement from the then Minister for Finance regarding the Grand Regency Hotel. The Minister for Finance issued the Ministerial Statement on the 29th April, 2008. In his Statement, the Minister stated the following:- view
• 28 Jan 2009 in National Assembly: (i) That the Central Bank of Kenya (CBK) had created a legal charge in 1993 for Kshs2.5 billion over the Grand Regency Hotel in an attempt to secure funds that had been illegally siphoned through the Exchange Bank through the infamous Goldenberg saga. view
• 28 Jan 2009 in National Assembly: (ii) That the registered owner of the hotel and chargee was Uhuru Highway Development Ltd. and the validity of the charge and ownership of the Hotel had been the subject of protracted litigation for the past 15 years both in the High Court and Court of Appeal. One of the cases is High Court case No.1111 of 2003 between the Kenya Anti-Corruption Commission (KACC) and Kamlesh Pattni and 16 others. view
• 28 Jan 2009 in National Assembly: (iii) Following extensive consultations, the advocates for KACC and Uhuru Highway Development recorded a consent order in court on the 9th April, 2008, for the removal of the joint receiver managers over the Grand Regency Hotel and the handing over of the hotel to CBK. view
• 28 Jan 2009 in National Assembly: (iv) After taking possession of the hotel, the CBK appointed the firm of Ernst & Young as receiver managers for the hotel since the mandate of CBK does not extend to the running of any commercial ventures. view
• 28 Jan 2009 in National Assembly: (v) Since the receivership is a very costly exercise, it was therefore, necessary for the hotel to be sold. The Minister argued that the CBK had a duly registered charge over the hotel and that the CBK would, therefore, be selling the hotel under the statutory power of sale. view
• 28 Jan 2009 in National Assembly: The Minister broadly stated that the modalities of sale in such circumstances are provided for under the relevant law. view
• 28 Jan 2009 in National Assembly: Finally, the Minister reported that he would consult and guide the CBK in the sale process in order to ensure that the sale is conducted in the most expeditious and cost-effective manner. view
• 28 Jan 2009 in National Assembly: Madam Temporary Deputy Speaker, this was the substance of the Ministerial Statement made on 29th April by the then Minister for Finance. view