Raila invited to scrutinise Eurobond records after '140bn missing' claim

Cord leader Raila Odinga (centre) flanked by co-principals Kalonzo Musyoka (left) and Bungoma Senetor Moses Wetang’ula address a press briefing in Nairobi on December 1, 2015. PHOTO | FILE | NATION MEDIA GROUP 

In Summary

• Earlier in the day, Mr Odinga urged companies that took part in the Eurobond to release details of their transactions.
• According to the coalition, the government has failed to account for Sh140 billion.
• Mr Odinga said they will not allow the loss the billions of tax payers’, accusing President Kenyatta of efforts to sweep the matter under the carpet.

By OUMA WANZALA
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The Treasury has invited Cord leader Raila Odinga to scrutinise documents on how money raised through Eurobond was used.

Cabinet Secretary Henry Rotich on Tuesday said they have asked Mr Odinga to visit the Treasury on Friday at 10am when they will hand him all documents regarding how the money was raised and spent.

Earlier in the day, Mr Odinga urged companies that took part in the Eurobond to release details of their transactions.

And statement from the Treasury later said: “As the National Treasury, we take our duty to keep the public informed seriously and have nothing to hide. We have stated before, and reiterate that the proceeds from the Eurobond were applied prudently, productively and lawfully. Indeed, the Controller of Budget and the Auditor General have both confirmed that all the proceeds of the sovereign bond and the subsequent tap have been fully accounted for and not a single shilling is missing.”

CORD'S ULTIMATUM

Cord has given the government 14 days to explain how the proceeds from the bond were used. According to the coalition, the government has failed to account for Sh140 billion.

Mr Odinga said they have sent letters to local and foreign institutions involved demanding details of the in the transactions. “The answers we are seeking from these institutions are clearly spelt out in the letters,” said Mr Odinga.

The former premier who was flanked by co-principals Kalonzo Musyoka and Moses Wetang'ula said they are demanding for details on appropriations of last financial year.

Those Cord says it has send the demand letters to are Treasury CS, his PS Kamau Thugge, Barclays Bank PLC; London, J.P. Morgan Securities, London, QNB Capital LLC, Doha and Standard Bank PLC, London.

“This in pursuit of our constitutional right of access to information held by the State and discharge by the State of the obligation to publish and publicize any information affecting the nation,” said Mr Odinga. President Kenyatta, his deputy William Ruto and Mr Rotich have insisted no money was lost in the transactions.

On Tuesday, Mr Odinga outlined issues they want cleared as far as the transactions are concerned, including into which banks did managers of the Eurobond credit the proceeds, the account numbers into which these credits were made and  the signatories to the offshore accounts the National Treasury operated.

DEMANDING TRANSPARENCY

He also wants to know into which banks were the proceeds credited and under whose authority were the accounts opened.

Cord also wants answers on how many transactions were carried out in each of the offshore accounts from the date of opening of the account. This will be besides the dates, details of beneficiaries and amounts transacted as well as details of how the proceeds credited to the Consolidated Fund was utilised, among others.

Mr Odinga said they will not allow the loss the billions of tax payers’, accusing President Kenyatta of efforts to sweep the matter under the carpet.

“From the reviews we have made so far, it is clear to us that the greatest case of theft in Kenyan history is either underway or has already been concluded in one fell swoop in the name of Eurobond,” he said.

“Government’s books regarding the Eurobond do not balance and official accounts have been cooked and continue to be cooked.”