President William Ruto has issued a fresh warning to brokers, shylocks and extortionists accused of demanding bribes and shares from investors, saying his administration will not allow them to frustrate businesses.
The President said Kenya must protect investors from individuals seeking to profit from projects by demanding money, ownership stakes or other favours.
“I am going to deal with the extortionists. Who told them that it is only they who can own things in our country? Every Kenyan has a right to own any shares they want to buy,” he said on Tuesday.
The President was speaking in Ngaaie, Mwingi North, Kitui County, where he launched the Sh70 billion clinker and cement plant being developed by Devki Group chairman Narendra Raval.
According to the Head of State, the investment has been delayed because of the brokers who have been demanding their cuts.
“This investment we are making here in Ngaaie has been delayed for almost 15 years because of bureaucracy, racketeering, brokers, extortionists and shylocks. People who want to benefit without investing anything,” he said.
Ruto assured local and foreign investors that the government would provide a conducive environment for businesses, arguing that Kenya needed more investments to create jobs and expand industrial production.
“We will protect them (foreign investors) from extortionists, cartels and brokers,” he said.
He warned those seeking to frustrate investments that the government would not allow private interests to undermine projects capable of creating employment and boosting local economies.
The President also defended Raval against criticism surrounding the project, saying the government should focus on the bigger economic picture instead of claims over who owns shares in an investment.
“When we were doing this, the naysayers were telling us that so-and-so has shares in Guru's factory,” Ruto said.
Speaking during the launch, Mwala MP Vincent Musyoka urged investors not to fall to the push by extortionist who are already giving conditions.
“Do not allow yourselves to be taken in circules by shylocks and other people who want to impose conditions befgore you can invest in our country,” Musyoka said.
Raval said Devki had committed Sh70 billion to the Kitui project and was already employing about 4,000 Kenyans.
The plant, which will use locally-sourced raw materials to manufacture clinker, is expected to be completed by next August and create about 3,000 jobs upon completion.
Raval also claimed the company had faced pressure from local leaders over the location of the factory, despite the availability of raw materials at Ngaaie.
“Devki Group does not work with any wrong motive. Because of the pressure from the leaders, we were to put this plant in Mwingi and not Ngaaie. Materials are here, yet they wanted me to put it 15km away,” he said.
