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The Nairobian

CORD demands answers on Eurobond from banks

Politics

By Moses Nyamori | Dec 02, 2015

CORD principals Kalonzo Musyoka, Raila Odinga and Moses Wetang'ula address journalists at Serena Hotel in Nairobi on Eurobond. They claimed that Sh140 billion of the proceeds was missing. [PHOTO: MOSES OMUSULA/Standard]

The Opposition has written to four international banks and the National Treasury seeking answers on how Sh250 billion ($2.75 billion) Eurobond proceeds was spent.

Coalition for Reforms and Democracy (CORD) principals Raila Odinga, Kalonzo Musyoka and Moses Wetang'ula claimed the Government was unable to account for at least Sh140 billion from the proceeds.

Speaking yesterday in Nairobi, Raila said Eurobond was turning to be “one of the greatest theft in Kenyan history,” adding that Kenyans must be told about the missing monies.

The Opposition luminaries said official statutory reports were giving contradicting figures and asked the National Treasury to publish details on Eurobond transactions within two weeks.

Through lawyer Paul Mwangi, the former premier has written to National Treasury Cabinet Secretary Henry Rotich and Principal Secretary Kamau Thugge who issued the sovereign bond on behalf of the Republic of Kenya.

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He has also written to Barclays Bank PLC, J.P Morgan Securities PLC, both of London and QNB Capital LLC of Doha, Qatar, and Standard Bank PLC of London as joint lead managers and joint bookrunners of the National Treasury. However, the Treasury has invited Raila to a meeting on Friday where they plan to provide him with the documents he has asked for.

The coalition said it had reviewed the Government Budget outturn for the 2013/14 and 2014/15 financial years published by the National Treasury. “From the reviews, it is clear to us that the greatest case of theft in Kenyan history is either under way or has already been concluded in one fell swoop in the name of Eurobond,” said Raila.

CORD also wants the National Treasury to make public the signatories of offshore accounts operated by the ministry.

Additionally, the Opposition wants the Government to clarify on the number of transactions carried out through each of the offshore accounts from the date of opening of the accounts to the date of answering to the inquiry.

They also seek to know details of the expenditure of the proceeds of the Eurobond that were credited to the Consolidated Fund. The letter further wants clarification on the amount used for general budgetary purposes and on infrastructure.

The Opposition said it was time President Uhuru Kenyatta moved beyond easy talk and embark on specific actions to fight rampant corruption that is eating the country.

The three leaders said Kenyans have a right to a full and proper accounting of all loans borrowed on their behalf.

“Our children will be paying for this commercial debt and the thought that parts of it may have been stolen is too outrageous to contemplate,” they said.