Eurobond is a national disaster, says Opposition leader Raila Odinga

Opposition leader Raila Odinga (second left) during a public forum on Eurobond at Ufungamano House in Nairobi yesterday. With him are (from left) former Deputy Speaker Farah Maalim, Dagoretti North MP Simba Arati and Ugunja MP Opiyo Wandayi. [PHOTO: DAVID NJAAGA/STANDARD]

Opposition leader Raila Odinga has called on President Uhuru Kenyatta to declare the Eurobond saga a national disaster that needs urgent resolution.

Speaking yesterday in a public forum to discuss the Eurobond issue at Ufangamano House in Nairobi, Raila said the move should pave way for an international forensic audit on the issue, adding that critical questions remain unanswered.

The former Prime Minister also said he is ready to appear before the National Assembly’s Public Accounts Committee (PAC) to shed more light on the matter, but only after the Auditor General’s office tables its report on the issue.

He said he is also waiting for a response from the Federal Reserve Bank of New York to confirm the authenticity of documents recently released by the Treasury and Central Bank of Kenya (CBK) as evidence that the Eurobond funds were received by the bank into the Consolidated Fund.

“We have reasons to believe the documents were manufactured by Treasury and CBK officials to cover up the scandal.

“For instance, letters of different dates bear similar folio numbers. Having worked in the Government for many years, I know that would be impossible if the documents were authentic,” he said.

The Opposition leader also indicated he expects a response from JP Morgan Bank, which handled part of the proceeds from the Eurobond, saying the bank should come clean on the matter.

Raila spoke after listening to reactions and questions that arose after a presentation on the Eurobond saga by financial analyst and consultant Alex Owino.

“Instead of the Government shedding more light on the matter, they have been engaged in a campaign of deception in order to confuse Kenyans. President Kenyatta came to power using slogans of transparency. Why is he not transparent on this issue?” he posed.

 FAKE DOCUMENTS

He wondered why CBK is yet to release its statements of accounts showing the entire movement of the Eurobond cash.

Raila added his team is conducting deeper investigations regarding the role of the Bank of Qatar, which he said was among the transaction advisers on Eurobond.

“The bank was brought in at the last minute. It was supposed to bring on board investors from the Middle East. So we are keen to know their role. The bank recently acquired EcoBank in Kenya,” he said.

Raila said a report by the Auditor General on the Eurobond cash has been delayed for months because Government officials are not presenting key documents to enable a thorough audit.

PAC Chairperson Nicholas Gumbo said they expected the Auditor General to table the report on Eurobond at the end of this month, after failing to do so at the end of January as required by law.

International Commission of Jurists, Kenya chapter Executive Director George Kegoro accused CBK of being sucked into the Eurobond issue by attempting to cover up the suspected loss of money by Treasury by issuing inauthentic documents. The forum was attended by MPs, senators and governors from the Orange Democratic Movement and the public.