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Kenya dollar bonds fall after CS Rotich’s arrest

WORK LIFE
By Reuters | Jul 22nd 2019 | 1 min read
By Reuters | July 22nd 2019
WORK LIFE

Kenya’s sovereign dollar bonds fell on Monday after the Director of Public Prosecution announced that National Treasury CS Henry Rotich will be arrested and charged over corruption in an unprecedented event for a sitting CS.

Bonds maturing in 2028, 2032 and 2048 slipped around 0.5 cents in the dollar, according to data by Tradeweb.

The charges against Rotich stem from a police investigation into the misuse of funds in a dam project overseen by the Italian construction company CMC Di Ravenna.

Rotich denied any wrongdoing in a large newspaper advertisement in March. The company has also denied any wrongdoing.

The CS and his Permanent Secretary Kamau Thugge were on Monday arrested and taken to DCI headquarters in Nairobi.

DPP Noordin Haji said the officials broke the law on public finance management and flouted procurement rules thereby committing illegalities in the Arror and Kimwarer dams project.

He said he has gathered sufficient evidence to prosecute the officers.  “The persons we are prosecuting today were mandated to safeguard public interest but failed,” he said.

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