Senators, led by Ephraim Maina, the chairperson of Senate Energy Committee, have said no to the government’s plans to privatize the 26 state-owned companies approved by the Privatization Commission.
According to Senator Maina, the move should only be implemented once the government has won the war against corruption.
Susan Kihika, the senator for Nakuru claimed that the idea of corporations being undervalued and sold to well-connected individuals to make abnormal profits after a buyout is not a new phenomenon.
The chairperson for Kenya Pipeline – which is apparently among the firms to be privatized – John Ngumi, also noted that there have been corporations that were privatized by the government but are still unstable like the listed firms. He suggested that what the government should focus on is to ensure that the corporations receive the much-needed support in order to produce results alongside firing incompetent management.
Mr. Ngumi was appearing before the Senate Energy Committee over financial misappropriations and procurement issues facing the Kenya Pipeline.
“I ask this committee and the government to give more power to the boards of the state-owned companies to run them should the parastatals remain under state management,” Mr. Ngumi said.
Meanwhile, Ledama Ole Kina, Narok Senator, claims that the privatization move is an idea of a cartel somewhere hellbent on seeing our country fall. He said that the senators will remain firm and will in no way allow the issue to send the country tumbling.