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EACC clears Treasury in loss of Sh2.4 billion Telkom stake

BUSINESS NEWS
By Frankline Sunday | January 25th 2021

Telkom Plaza Head Office on Ralph Bunche Road. [Wilberforce Okwiri, Standard]

The Ethics and Anti-Corruption Commission (EACC) has cleared the National Treasury of wrong-doing in a protracted case accusing the government of ceding Sh2.4 billion worth of shares in the State-owned Telkom Kenya to the private sector. 

In the latest quarterly report released last week, the EACC said it closed the case under recommendations from the office of the Director of Public Prosecutions (DPP) for lack of sufficient evidence.

The anti-graft body said the report prepared and forwarded to the DPP on July 22, 2020 recommended that the investigation be closed for lack of evidence to support it.

“Investigations established that the process of privatisation was above board as there was no evidence of impropriety or culpability of the public officials involved in the process,” said the EACC in its report.

Taxpayers' money

In 2013, the EACC opened the case accusing the National Treasury of committing the government and taxpayers’ money in a recapitalisation and restructuring of Telkom Kenya without ensuring adequate budgetary provisions.

“It was further reported that the Treasury failed to avail government balance of Sh2.4 billion six months after signing the deal, exposing the State to a loss of 10 per cent stake in Telkom Kenya Ltd,” states the report.

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There were also accusations of conflict of interest on the part of Telkom Kenya directors to conduct the restructuring.

The report comes months after Telkom Kenya and Airtel Kenya merger deal collapsed. The case against the National Treasury and Telkom Kenya was considered one of the stumbling blocks to the merger

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