John Munyes

All parliamentary appearances

Entries 301 to 310 of 387.

• 21 Oct 2008 in National Assembly: Mr. Speaker, Sir, I wish to confirm that Discount Securities Ltd. (DSL) was authorised by the Board of Trustees of NSSF to trade in shares on behalf of the Fund. At the time of authorization, DSL was and continues to be a registered stock broker with the Capital Markets Authority (CMA) licensed to trade at the Nairobi Stock Exchange (NSE). The Fund gave DSL instructions to buy and sell shares between August, 2004 and August, 2007, which was within the Fund's investment policy. Later, after various transactions DSL decided to open 82 nominee accounts and refused to follow the instructions ... view
• 21 Oct 2008 in National Assembly: Mr. Speaker, Sir, I think the last one would reside with the Ministry of Finance but let me proceed. The House has to approve all the investments. Yes! I think at a later stage, if we bring amendments to this House for the law to be changed, then that could apply. But for now, the Act gives the Minister powers. The problems affecting National Social Security Fund (NSSF) could not have occurred if the previous Ministers could have been involved. The Act is very clear. Every investment must be approved by the Minister. But I think the current Board has ... view
• 21 Oct 2008 in National Assembly: Who authorised those investments? It is very clear that it is the Board which authorised the trading of Kshs2.3 billion. Another question was that interdiction is not enough. Yes, it is not October 21, 2008 PARLIAMENTARY DEBATES 2841 enough! That is why I have gone to the Kenya Anti-Corruption Commission (KACC). So, it is a procedure to interdict first, before we take further disciplinary action. I am taking all those steps to ensure that we get into the bottom of that problem. The Treasury was not partly involved because they did not approve that. But the Permanent Secretary's representative sits ... view
• 16 Oct 2008 in National Assembly: Mr. Deputy Speaker, Sir, the matter is already under investigation and I hope to respond on Tuesday next week. view
• 15 Oct 2008 in National Assembly: Mr. Deputy Speaker, Sir, I beg to request your indulgence for deferment of this Question until sometime next week, probably Tuesday, to enable me get a satisfactory response. view
• 22 Jul 2008 in National Assembly: Mr. Speaker, Sir, on Thursday, last week, I read a Statement in this House--- view
• 17 Jul 2008 in National Assembly: Mr. Deputy Speaker, Sir, I have two statements to make concerning the National Social Security Fund (NSSF) plots. The first one is why the matter went to the Press. The response is that on Tuesday 8th July, 2008, the Kenya Times published a story titled: "Land saga at NSSF". The article had misleading information to the effect that the Fund had received Kshs140 million from the purchaser who had offered Kshs1.4 billion. Also the Fund later on declined the earlier offer of Kshs1.4 billion and accepted an offer of Kshs1.3 billion. The Board of Trustees while attending a Board meeting ... view
• 17 Jul 2008 in National Assembly: All the above were evaluated. The highest offer of Kshs1.4 billion was not favourable to the Fund in that 10 per cent deposit was not paid. I think this is in reference to the Kenya Power and Lighting Company which had also offered to pay Kshs1.3 billion. Before the Fund entered into a sale agreement with Delta Square Limited, it offered the property to Synergy Management Group Limited for Kshs1.265 billion on 8th January, 2007. It was the highest offer at that time. However, the purchaser failed to pay even 10 per cent of the purchase price and the transaction ... view
• 17 Jul 2008 in National Assembly: Yes, Mr. Deputy Speaker, Sir. The matter is before the Milimani Commercial Courts, Suit No.HCC/353/2008. The matter is in court and I do not think we can discuss it here. view
• 17 Jul 2008 in National Assembly: Mr. Deputy Speaker, Sir, the matter is squarely in court and I do not think we can discuss it here. There was an argument as to how much was to be paid on the completion of the contract. They were meant to pay the full amount before we released the documents. They did not do that because they had not done the due diligence. They had not checked the size of the plot. Really, I would not want to discuss this matter. view