Eurobond: Cord claims government cannot account for Sh100 billion

NAIROBI, KENYA: Cord leader Raila Odinga on Tuesday claimed that the government cannot account for over Sh100 billion, Eurobond money.

At a press conference in Nairobi, Raila said the government’s books regarding the Eurobond do not balance adding that it is now clear official accounts have been cooked and continue to be cooked.

“From the reviews, 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 Euro Bond,” said Raila.

“The statements of government Cabinet Secretaries, Principal Secretaries and other officials contradict each other,” he said. “At the very least, the government cannot account for over Sh100 billion – that is one billion US dollars.”

He said Cord has written to banks and the Treasury to clarify on various issues touching on the money.

The National Treasury Commissioned the Euro Bond on behalf of the Republic of Kenya, with Barclays Bank PLC, J.P Morgan Securities PLC, both of London, United Kingdom, QNB Capital LLC of Doha, Qatar and Standard Bank PLC, also of London, United Kingdom, as the joint Lead Managers and Joint Bookrunners of The National Treasury.

In the letter Cord wish to know; into which bank did every respective Manager of the Eurobond credit the proceeds? What are the account numbers into which these credits were made? Who were the signatories of each offshore account operated by The National Treasury and into which proceeds of the Eurobond were credited? Under whose authority were these accounts opened?

The coalition is also seeking answers on how many transactions carried out through each of the offshore accounts from the date of opening of the account to the date of answering this inquiry? and also what were the dates, details of beneficiaries and amounts of the transactions? What are the details of the expenditure of the proceeds of the Eurobond that were credited to the Consolidated Fund? How much of these proceed were used for general budgetary purposes and how much was used for infrastructural projects?

“We are asking for details of the appropriation of such sums in the Financial Year 2014/2015. We expect each of the institutions to furnish us with the information within14 days.”