reSee.it - Tweets Saved By @MigunaMiguna

Posted - November 30, 2023 at 12:19 PM

Saved - November 30, 2023 at 5:27 PM

reSee.it AI Summary

Governments worldwide can profit from enterprises like hotels and banks without selling them. Leasing KICC space to private enterprises is an option, but ownership should remain public. Hiring competent and incorruptible managers is crucial for success. Privatization doesn't guarantee profitability; it has led to bankruptcy in Kenya. Mismanagement affects both public and private companies. It's important to consider the impact of privatization before making decisions.

@MigunaMiguna - Dr. Miguna Miguna

This is illiterate. Governments all over the world run PROFITABLE hotels, banks and other enterprises. Nothing stops the Government from leasing KICC space to private enterprises at a profit. However, OWNERSHIP must remain public. You don’t have to sell parastatals to make them profitable. You have to hire competent and incorruptible MANAGERS to run them. The GoK sold KQ, Uchumi, KBS, etc. to oligarchs for a song, then continued to plunder them to bankruptcy. Privatization doesn’t necessarily result in profitability of enterprises. In Kenya, it results in bankruptcy. Many private companies have collapsed due to mismanagement, too. It’s financially illiterate to argue that privatization makes anything profitable. Show us one profitable public enterprise you have privatized. Just one!

@Kenyans - Kenyans.co.ke

Kenyans complaining about sale of KICC are ignorant - Ichung'wah https://t.co/jTBbbIwlqX

Video Transcript AI Summary

There is a lot of talk in the media about government selling off assets, but people are not considering the privatization act passed a few months ago. The act allows the government to divest from investments through methods like initial public offerings, joint ventures, or outright sales. For example, the Kenya International Convention Centre (KICC) could be leased to a hotel chain, generating more revenue than the current government use. The negative propaganda surrounding privatization is unfounded, as the government aims to divest and lease assets rather than sell them off completely. This will allow Kenyans to benefit from the value derived from these assets.

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Full Transcript

Speaker 0: I've seen in the media a lot of talk. And you know the other honorable speaker when I said, when I spoke about somebody being financially illiterate in some vernacular station, they took offence. But when you're financially illiterate, you are. And I said I'm also illiterate in some aspects. For instance, I am broadcast illiterate. So I will not seek to broadcast anything in a studio because I don't know how to do it. But I am very financially literate. Honorable speaker, I have heard many people speak how government is selling off assets. Honorable speaker, ignorantly people are not looking at the privatization act which we passed here as a privatization bill only I think about 3 or 4 months ago. And that privatization act now makes it very clear. How government will divest from investments it had made in the past. Whether it is through initial public offering, whether it is through the identification and getting into joint ventures with, a strategic investors. Whether it is, through what would be an outright sale of some assets. Honorable speaker. And there's a lot of propaganda out there. I have heard them saying, oh KICC is being sold. Honourable speaker, KICC today, 90% of the tendency at KICC, I think it's parliament. Paying peanuts. Because it's a government to government. But this is a prime location in our CBD. A prime location honorable speaker if KICC was, for instance, to be leased to a hotel chain, a chain of hotels that can run those who have the expertise and the private sector expertise to run conferencing facilities and hotels. Convert the whole building into a hotel for instance. You can imagine the amount of money government would be able to generate rather than wait for myself and yourself honorable speaker to get small corner offices there and parliament pays peanuts. All government ministries who never pay because it's government to government. KICC Mzatein owes other government agencies money. They owe parking fees. I've seen city council of Nairobi claiming parking fees from them. Kenya power. Honourable speaker. Therefore the the all the negative propaganda that is being propagated in line with what we have done here with the privatization act honorable speaker. We are now in the midst of the situation. And we are now in the midst of the situation. The country. And we are very proud of the country. And we are very proud of the country. And we are very proud of the country. How you will divest? Whether it's through initial public offering. Like was done with Safaricom or Kenji. An honorable speaker in in the years gone. Or whether it is through the input of a a strategic investor or whether it is leasing like we said with the sugar companies. The in Western Kenya and parts of Nyanza. And also honorable speaker that you will lease. You will not sell off those assets honorable speaker. So that Kenyans are able to derive value. What is that about? Out of out of their. Speaker.