Dr. Oburu Odinga

All parliamentary appearances

Entries 681 to 690 of 1648.

• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, we are endeavouring to get the culprit, but as I promised, we are going to do our best to try to sort out this matter as soon as possible. We shall not let those widows suffer longer than necessary. view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, on Thursday 15th January 2012 following debate on the Floor arising from my answer to Question No.1359, you directed me to prepare a Ministerial Statement that would among other things clarify the assertion that my predecessor made to the Departmental Committee on Energy and Communications regarding the release of Kshs2 billion to the Rural Electrification Fund (REF). The said amount was to have been raised from the sale of 7.85 percent redeemable preference shares in the Kenya Power and Lighting Company Limited. The rights issue was intended to help the KPLC achieve the following. First, it was ... view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, the rights issue was intended to help KPLC achieve the following objectives:- 1. To raise Kshs9 billion in additional equity to finance capital development without increasing the gearing and financial risks of KPLC. 2. To improve the KPLC’s credit worthiness with a resultant ability to access cost effective finance. 3. To improve its debt servicing capacity, for example, to ensure adequacy of future free cash flows to service the borrowing. Mr. Speaker, Sir, I am aware that on 27th July, 2011, the Budget Committee of Parliament recommended that Treasury allocates Kshs2 billion to the Rural Electrification Authority ... view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, could Dr. Nuh repeat his question? view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, hon. Mbadi says that we misled the Committee that there was money and yet there was no money. In fact, Kshs2 billion was available. The Statement which I issued here arose from a question which was not asking the Government why it has not allocated dividends money, but why it had not allocated money from the sale of the preferential shares from KPLC. The recommendation of the Committee was not on the proceeds from the shares which were sold. The source of the money was from dividends. But the question we were asked is whether there was ... view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, on hon. Shakeel’s question, he should realise that the Government was a major shareholder in the Kenya Power and Lighting Company (KPLC) and KPLC’s position was actually almost driving it into insolvency, and it was the responsibility of the Government to try to salvage KPLC from that position of near insolvency. That was why this burden on KPLC of redeemable shares which were being paid for at an interest rate of 7.85 per cent per annum was transferred to redeemable preference shares in order to improve the balance sheet of the KPLC for it to be afloat ... view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, I was still answering hon. Shakeel’s question and I do not why he is in a hurry to interrupt me. I was coming to that. view
• 6 Mar 2012 in National Assembly: The Government is a substantial shareholder in the KPLC and, therefore, again, it is the responsibility of the Government to ensure that the public is served with electricity. As its public duty, the Government was not going to allow the KPLC to go into insolvency. That is why we helped KPLC to improve its balance sheet by converting redeemable shares, which were regarded by creditors as a debt and, therefore, put KPLC’s balance sheet into a very negative position. We felt that it was our responsibility to do that urgently. We did not give money to KPLC. We simply converted ... view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, there were no matching funds from the private financiers, of course, at that public juncture; but subsequently, the KPLC floated shares as a rights issue and the private sector participated in buying more shares, so that it could raise more money to improve its balance sheet. view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, hon. Nuh has asked whether we actually read the recommendation. That recommendation of allocating Kshs2 billion from the Kshs2.4 billion which was due to the Government from the KPLC, it is true; when I was reading my Ministerial Statement, I stated that that money is there but it has not been transferred. The KPLC has not paid it to the Treasury as yet. So, we have not violated any resolution of the Committee because we do not have the money ourselves. The KPLC is still holding that money and we are just going to see whether to ... view