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Revisiting the Eurobond Saga

BY Soko Directory Team · January 11, 2016 07:01 am

The new year has begun and the Eurobond saga, which dominated the better part of the just concluded year has spilled over.

The better part of last year was dominated with the debate of whether the Eurobond billions were used for the sole purpose that they were borrowed.

The opposition blamed the government for mismanaging the Eurobond cash saying that more than 140 billion shillings could not be accounted for.

The treasury in particular came under fire and blamed for cooking up figures so as to convince Kenyans that the Eurobond cash was well spend.

Late during the month of December, the National Treasury Henry Rotich accepted that the government could not account for the projects that had been funded by the use of the Eurobond.

The three accounts that were supposedly holding the Eurobond cash; the Public Statement Account, the Offshore Account and the Central Bank Account all gave conflicting figures further deepening the mystery on the whereabouts of the Eurobond cash.

On Friday 8th January 2016, a new twist emerged and the Eurobond drama has taken another turn with the Ethics and Anti-Corruption Commission (EACC) clearing the Treasury officials of all the allegations levelled against them that they misused part of the 250 billion shillings from the Eurobond cash.

The Ethics and Anti-Corruption Commission has cited the lack of evidence as the main cause for the clearing of the allegations against the officials.

According the office of the Director of Public Prosecutions, the recommendations from the Ethics and Ant-Corruption Commission is that the file should be closed.

In another twist that could even complicate the matter further, the Ethics and Anti-Corruption Commission has given recommendations that the Auditor General should carry out an extensive audit on the specific projects that may have been funded by the Eurobond cash but on the other hand, the ministry had already admitted that it cannot account for the projects funded by the Eurobond billions.

Article by Juma Fred.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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