Nipate
Forum => Kenya Discussion => Topic started by: RV Pundit on December 04, 2015, 09:11:48 AM
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I don't see any scandal here.
http://www.nation.co.ke/news/Treasury-accounts-for-Eurobond-revenue/-/1056/2983308/-/8ow2rx/-/index.html
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We will see. There is something fishy on the whole deal. I think money was misappropriated. If it was uhuru is in big political trouble
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I also believe something is not right. That money was deposited in person accounts raises major concern.
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If this isn't the same information they gave PAC, then at the very least there is some explaining to do.
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Kenyans hate accountability, especially when the person questioning is from the opposition.
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Is this more "hullabaloo"?
http://www.nation.co.ke/oped/Opinion/Eurobond-billions-a-curious-incident-of-a-dog-in-the-nighttime/-/440808/2984510/-/yqp9dl/-/index.html
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What I am gathering about the hullabaloo is that anything from USD 1,000,000,000,000 to USD 1,500,000,000 can't seem to be reconciled with whatever numbers the Treasury has shared thus far, in several iterations, including the latest release. How complicated can that be? It seems like something you could figure out on the back of a napkin.
If we ignore the above.
The Treasury does not seem to be treating the issue with the seriousness it deserves. Henry Rotich has said the Treasury cannot give a list of the projects financed by Eurobond. They can only guess which projects the money was spent on. The line ministries themselves, have no idea, because they can't identify Eurobond money which is not colored.
Put another way, nobody knows how that money was used and we should accept it and move on to other things.
The moves came as the Rotich explained why he could not give a list of projects funded with cash raised through the Eurobond. Addressing the media Friday, Rotich said Treasury could only provide a probability of the projects.
http://www.standardmedia.co.ke/article/2000184539/graft-watchdog-summons-rotich-in-eurobond-probe (http://www.standardmedia.co.ke/article/2000184539/graft-watchdog-summons-rotich-in-eurobond-probe)
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From golden berg to sijui Nini we've been told forget and move on.
When will it end?
Meanwhile taxes on water, petrol, keeps going UP!
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Terminator:
I believe you are an applied-math/engineer type or something like that. So I'm sure you'll appreciate Rotich's clarification by way of a "concrete" number:
The moves came as the Rotich explained why he could not give a list of projects funded with cash raised through the Eurobond. Addressing the media Friday, Rotich said Treasury could only provide a probability of the projects.
Still, taken as a "national method" for how a poor country monitors the expenditure of large sums of what it borrows, some might have questions.
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I don't see any scandal here.
http://www.nation.co.ke/news/Treasury-accounts-for-Eurobond-revenue/-/1056/2983308/-/8ow2rx/-/index.html
I couldn't agree more. Advise to RAO: it is not smart to not fight a woman. Anne Waiguru war lost my confidence in RAO. He should have let Midiwo do his dirty laundry. Back to the topic, Rotich unveils how Eurobond cash was spent:
THE Government has unveiled statistics on how the Sh250 billion Eurobond cash was spent amid criticism by Raila Odinga that senior government officials are trading with its proceeds.
In detailed documents, Treasury Cabinet Secretary Henry Rotich said yesterday Sh196.9 billion was used to finance infrastructural projects and Sh52.3 billion to pay a syndicated loan.
Cord leader Raila was quoted in the Sunday Nation newspaper yesterday saying top state officials had earned Sh34 billion in profit from the Eurobond.
As pressure mounted on the state, Controller of Budget Agnes Odhiambo also made an about-turn yesterday, saying her office approved the disbursement of all the Eurobond cash.
“The National Treasury wrote to the Controller of Budget on 28th June, 2014 seeking approval for the repayment of the syndicated loan amounting to Sh53.2 billion, which was subsequently approved awaiting funding,” she stated.
Odhiambo had on Thursday told MPs Treasury paid the syndicated loan from offshore accounts, despite warnings from her office that the settlement would be in breach of Article 206 of the Constitution.
For the first time, Rotich backed the allocation to various ministries and departments with figures indicating that roads got the lion’s share of Sh64.3 billion.
The ministry of Energy and Petroleum was allocated Sh21 billion and the State Department of Agriculture got Sh14.2 billion.
The Department of Planning got Sh44.5 billion, Science and Technology Sh8.9 billion and Water and Irrigation Sh15 billion.
Other departments that tasted the Eurobond billions are: Livestock (Sh2.5 billion), Fisheries (Sh1.2 billion), Commerce and Tourism (Sh2.6 billion), State Department of Education (Sh6.2 billion) and Lands and Housing (Sh9.1 billion).
The ministry of Industrialization and Enterprise received Sh2.7 billion and Sports, Culture and the Arts Sh1.2 billion
“Some of the projects have been completed while others are ongoing. The ongoing projects will be completed in due course,” Rotich stated in his statement to newsrooms.
Raila has warned the Kenyan economy was on its knees and alleged that the Eurobond cash has been looted.
“Since Jubilee came to power, it has insisted that the economy is growing and Kenyans can sit back and relax. We in Opposition have warned that we are on the road to nowhere. We warned that Jubilee is over-borrowing, over-spending and over-stealing,” Raila said.
Over the weekend, businessman Jacob Juma alleged Jubilee used about US$200-$300 million of Eurobond money to refund all campaign money allegedly used to finance their 2013 campaigns.
“Some money was transferred by the lawyers directly to the Office of the President and out the back in gunny bags. A sheikh in the Gulf was refunded an unspecified amount advanced just before the elections,” Juma stated.
But in his statement, Rotich said all the money was accounted for and Auditor General Edward Ouko gave him a clean bill of health.
The CS also fought off allegations that the Eurobond has not had an impact on the economy, saying domestic liquidity improved after the issuance of the sovereign bond
“There was a strong impact on short-term interest rates that declined and remained within a stable range in the period June 2014 to May 2015. The 91-day Treasury Bill rate that largely reflects the government’s borrowing declined from an average of 9.8 percent in June 2014 to 8.3 percent in June 2015.”
He also said the Kenya shilling exchange rate depreciated slower than other comparable currencies and inflation in the period June 2014 to date and has remained low, stable and within target.
http://www.the-star.co.ke/news/how-eurobond-cash-was-spent
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Before I pen off, I respect RAO on his fight against corruption and second revolution.
RAO desperately needs Kaleos votes to win. Let Midiwo, Nyongo or Orengo fight Rotich and do the dirty work.
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Terminator:
I believe you are an applied-math/engineer type or something like that. So I'm sure you'll appreciate Rotich's clarification by way of a "concrete" number:
The moves came as the Rotich explained why he could not give a list of projects funded with cash raised through the Eurobond. Addressing the media Friday, Rotich said Treasury could only provide a probability of the projects.
Still, taken as a "national method" for how a poor country monitors the expenditure of large sums of what it borrows, some might have questions.
Yep. It can only be accounted for vaguely. Rotich is clearly not interested in how it was used. He is saying that if it went to Devolution, it may have been used to dig ditches in Kibera, buy expensive condom dispensers, or stolen straightforwardly.
The different and apparently careless mistakes. What he is really exhibiting is a cavalier attitude to the issue. He is actually making a special effort of it. Which makes me wonder why he wants people to think he is so careless and incompetent, when he is not.
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agreed!!
Before I pen off, I respect RAO on his fight against corruption and second revolution.
RAO desperately needs Kaleos votes to win. Let Midiwo, Nyongo or Orengo fight Rotich and do the dirty work.
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Before we move on, we have to take stock of where we are coming from. All I know is the time rain started beating us in April, 2013. It has now reached a crescendo and is pouring in torrents unknown before. Perhaps if somebody gave me my share of the 37k soap, I may just wash my face so that I can shine my eyes on the way forward.
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I don't see any scandal here.
http://www.nation.co.ke/news/Treasury-accounts-for-Eurobond-revenue/-/1056/2983308/-/8ow2rx/-/index.html
I couldn't agree more. Advise to RAO: it is not smart to not fight fight a woman. Anne Waiguru war lost my confidence in RAO. He should have let Midiwo do his dirty laundry. Back to the topic, Rotich unveils how Eurobond cash was spent:
THE Government has unveiled statistics on how the Sh250 billion Eurobond cash was spent amid criticism by Raila Odinga that senior government officials are trading with its proceeds.
In detailed documents, Treasury Cabinet Secretary Henry Rotich said yesterday Sh196.9 billion was used to finance infrastructural projects and Sh52.3 billion to pay a syndicated loan.
Cord leader Raila was quoted in the Sunday Nation newspaper yesterday saying top state officials had earned Sh34 billion in profit from the Eurobond.
As pressure mounted on the state, Controller of Budget Agnes Odhiambo also made an about-turn yesterday, saying her office approved the disbursement of all the Eurobond cash.
“The National Treasury wrote to the Controller of Budget on 28th June, 2014 seeking approval for the repayment of the syndicated loan amounting to Sh53.2 billion, which was subsequently approved awaiting funding,” she stated.
Odhiambo had on Thursday told MPs Treasury paid the syndicated loan from offshore accounts, despite warnings from her office that the settlement would be in breach of Article 206 of the Constitution.
For the first time, Rotich backed the allocation to various ministries and departments with figures indicating that roads got the lion’s share of Sh64.3 billion.
The ministry of Energy and Petroleum was allocated Sh21 billion and the State Department of Agriculture got Sh14.2 billion.
The Department of Planning got Sh44.5 billion, Science and Technology Sh8.9 billion and Water and Irrigation Sh15 billion.
Other departments that tasted the Eurobond billions are: Livestock (Sh2.5 billion), Fisheries (Sh1.2 billion), Commerce and Tourism (Sh2.6 billion), State Department of Education (Sh6.2 billion) and Lands and Housing (Sh9.1 billion).
The ministry of Industrialization and Enterprise received Sh2.7 billion and Sports, Culture and the Arts Sh1.2 billion
“Some of the projects have been completed while others are ongoing. The ongoing projects will be completed in due course,” Rotich stated in his statement to newsrooms.
Raila has warned the Kenyan economy was on its knees and alleged that the Eurobond cash has been looted.
“Since Jubilee came to power, it has insisted that the economy is growing and Kenyans can sit back and relax. We in Opposition have warned that we are on the road to nowhere. We warned that Jubilee is over-borrowing, over-spending and over-stealing,” Raila said.
Over the weekend, businessman Jacob Juma alleged Jubilee used about US$200-$300 million of Eurobond money to refund all campaign money allegedly used to finance their 2013 campaigns.
“Some money was transferred by the lawyers directly to the Office of the President and out the back in gunny bags. A sheikh in the Gulf was refunded an unspecified amount advanced just before the elections,” Juma stated.
But in his statement, Rotich said all the money was accounted for and Auditor General Edward Ouko gave him a clean bill of health.
The CS also fought off allegations that the Eurobond has not had an impact on the economy, saying domestic liquidity improved after the issuance of the sovereign bond
“There was a strong impact on short-term interest rates that declined and remained within a stable range in the period June 2014 to May 2015. The 91-day Treasury Bill rate that largely reflects the government’s borrowing declined from an average of 9.8 percent in June 2014 to 8.3 percent in June 2015.”
He also said the Kenya shilling exchange rate depreciated slower than other comparable currencies and inflation in the period June 2014 to date and has remained low, stable and within target.
http://www.the-star.co.ke/news/how-eurobond-cash-was-spent
(http://converge.nairobistar.com:81/photodesk/2015/10/26/1230701/3.jpg)
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The rest were deposited in offshore accounts. If ODM is seeking a joust. This might be the wrong fight
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agreed!!
Before I pen off, I respect RAO on his fight against corruption and second revolution.
RAO desperately needs Kaleos votes to win. Let Midiwo, Nyongo or Orengo fight Rotich and do the dirty work.
Rotich comes from a rich vote (RV pundit) region for anyone to be playing politics with. RAO should be very careful especially that Governor Ruto is fighting the government. Isaac Ruto and Rotich are Kipsigis and are from the same region.
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So, that means he's not accountable right?
What a country!!
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The rest were deposited in offshore accounts. If ODM is seeking a joust. This might be the wrong fight
That would be in line with what Raila has stated or implied. I think the questions are: in whose accounts? for what purpose?
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So, that means he's not accountable right?
What a country!!
That's how Kenya is, and that is why little ever changes. One person (or even a small group) steals big, f**ks up, or whatever ... on a matter that is of national significance. But right away it becomes "our people", "our man", "money has been poured to finish us".
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I cannot see the scandal here. The Eurobond was intended to help REDUCE domestic borrowing, hopefully force banks to lend to private sector and individuals rather than treasury. This worked out with some measured success before the dollar strengthening derailed that. This was clearly explained long time ago.
Raila is making a laughable case here. GOK will borrowed 250B locally this year. In 2013/14 they borrowed part of it locally and part of it from Eruobond. For GOK it the same money.EuroBONDS was not ring-fenced to any project..just like TreasuryBONDS are not. Therefore asking Rotich where the money went is ridicolous. If the money came to Consolidated Account..and it did...then it was allocated to the budget lines of every ministry.
If Raila & company contend we still borrowed 140B domestically .....shows us who lend the gok....it easy to clean this information from CBK tbills/tbonds data.... whatever loan is bought by treasury is published by CBk.
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So, that means he's not accountable right?
What a country!!
Maybe accountability is for kabila ndogo ndogo. Giriama, Pokomo, Borana...
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I don't see any scandal here.
http://www.nation.co.ke/news/Treasury-accounts-for-Eurobond-revenue/-/1056/2983308/-/8ow2rx/-/index.html
Is this an informed position or just another case of blind tribal loyalty? Rotich collects money bank it in some off shore account then spend the money straight from those offshore accounts without parliament approval then Finance some phantom projects ......and we are supposed to dismiss this as hullabaloo! !
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The problem with Pundit is he sides with his tribesman despite all indications showing that the whole Eurobond saga stinks.
Just read what Jaindi Kisero has to say about it and do not even mention David Ndii. To date no economic expert has come out to defend Rotich.
http://www.nation.co.ke/oped/Opinion/Explanations-on-the-Eurobond-cash-are-making-matter-even-opaque/-/440808/2989050/-/1ckpja/-/index.html
Is this an informed position or just another case of blind tribal loyalty? Rotich collects money bank it in some off shore account then spend the money straight from those offshore accounts without parliament approval then Finance some phantom projects ......and we are supposed to dismiss this as hullabaloo! !
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I only dance to facts. So far there is NO SCANDAL. When you have evidence that money was wired to someone accounts, then I'll be the first to drop Rotich under the bus, despite him being my tribesman.
The problem with Pundit is he sides with his tribesman despite all indications showing that the whole Eurobond saga stinks.
Just read what Jaindi Kisero has to say about it and do not even mention David Ndii. To date no economic expert has come out to defend Rotich.
http://www.nation.co.ke/oped/Opinion/Explanations-on-the-Eurobond-cash-are-making-matter-even-opaque/-/440808/2989050/-/1ckpja/-/index.html
Is this an informed position or just another case of blind tribal loyalty? Rotich collects money bank it in some off shore account then spend the money straight from those offshore accounts without parliament approval then Finance some phantom projects ......and we are supposed to dismiss this as hullabaloo! !
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Even in Goldenberg and Anglo Leasing sagas, Kenyans never got to see any evidence of money wired into people's accounts. The country still lost billions. Your view here is irrelevant to this matter.
A small question, how does a country like Kenya which got a financial injection of over 150 billion Ksh. which had not been accomodated for in the budget run into a "financial crunch" during the same period that extra cash was being absorbed into the economy?
I only dance to facts. So far there is NO SCANDAL. When you have evidence that money was wired to someone accounts, then I'll be the first to drop Rotich under the bus, despite him being my tribesman.
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Your views are also irrelevant. The gov was always going to borrow 250B. Either domestically or internationally. The budget is made by MPs. It had projected taxes that KRA would collect and deficit to be borrowed...it doesn't matter if borrowing is from treasury bonds or eurobond..the money had to be borrowed. Rotich & Adhiambo job is to allocate the money to each budget line. Not to be accountable for every cent..that is the job of every ministry or whoever has the authority to spend gov money.
There was no "financial crunch"....just a gov prudently deciding they couldn't borrow when US-KSH exchange rate had gone to the dogs. The so called crisis ended before it started.
So far there is NO evidence of any scandal.
Even in Goldenberg and Anglo Leasing sagas, Kenyans never got to see any evidence of money wired into people's accounts. The country still lost billions. Your view here is irrelevant to this matter.
A small question, how does a country like Kenya which got a financial injection of over 150 billion Ksh. which had not been accomodated for in the budget run into a "financial crunch" during the same period that extra cash was being absorbed into the economy?
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Just like there a hullabaloo about Waiguru not being part of stealing and she was going to give evidence - according to EACC, and then they turn around and raid her house.
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There was no "financial crunch"....just a gov prudently deciding they couldn't borrow when US-KSH exchange rate had gone to the dogs. The so called crisis ended before it started.
Really? I seem to recall that it ended when the government engaged in some large borrowing from commercial banks: $750 million syndicated loan in Oct 2015. Hardly what I would describe as "prudently deciding they couldn't borrow".
At very same time that the government was negotiating with banks to help end the non-existent cash crunch, people were already asking questions:
So… what happened to the Ksh38.5 billion balance? If it was not spent, it is hard to see why the government wouldn’t be using it now to smooth liquidity during an apparent cash crunch. If it was spent, when did it come onto the budget, for what purpose and why isn’t it visible in public reports?
http://www.theeastafrican.co.ke/OpEd/comment/Ten-facts-about-the-Eurobond/-/434750/2937338/-/db5ls8z/-/index.html
Anyways ... if you ignore all that mess, the borrowing ("prudently decided against" but still done), and the 20+% interest rates that we saw, then, yes, the crisis certainly "ended before it started". And we should celebrate that ... but also remember that the last such syndicated loan got repaid only by borrowing more money (Eurobond).
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First 38.5B is not even enough to meet monthly debt repayment...so that is very little change.
Secondly gok refused to borrow at 20% plus interest rate, and decided to approach banks for cheaper loan; That is prudent. The crisis was short lived.
Gov have budgetted to borrow about 210-250B......domestically...so unless that figure has been breached...there is no crisis.
There was no "financial crunch"....just a gov prudently deciding they couldn't borrow when US-KSH exchange rate had gone to the dogs. The so called crisis ended before it started.
Really? I seem to recall that it ended when the government engaged in some large borrowing from commercial banks: $750 million syndicated loan in Oct 2015. Hardly what I would describe as "prudently deciding they couldn't borrow".
At very same time that the government was negotiating with banks to help end the non-existent cash crunch, people were already asking questions:
So… what happened to the Ksh38.5 billion balance? If it was not spent, it is hard to see why the government wouldn’t be using it now to smooth liquidity during an apparent cash crunch. If it was spent, when did it come onto the budget, for what purpose and why isn’t it visible in public reports?
http://www.theeastafrican.co.ke/OpEd/comment/Ten-facts-about-the-Eurobond/-/434750/2937338/-/db5ls8z/-/index.html
Anyways ... if you ignore all that mess, the borrowing ("prudently decided against" but still done), and the 20+% interest rates that we saw, then, yes, the crisis certainly "ended before it started". And we should celebrate that ... but also remember that the last such syndicated loan got repaid only by borrowing more money (Eurobond).
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First 38.5B is not even enough to meet monthly debt repayment...so that is very little change.
The point was the whereabouts of the money. As for being little change, it is almost half of what GoK took in that syndicated loan.
Secondly gok refused to borrow at 20% plus interest rate, and decided to approach banks for cheaper loan; That is prudent.
Your usual approach to facts is to simply dig in your heels and insist on your version of reality. It is good to see you, for once, at least revise your claims once the facts have been submitted---here, a change from:
just a gov prudently deciding they couldn't borrow when US-KSH exchange rate had gone to the dogs.
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So we know have moved from missing 140B to missing 38B. That is some progress. Gov borrowed the syndicated loan at far lower interest rate than the prevailing market rate then...and that is prudent managament of public finances.
First 38.5B is not even enough to meet monthly debt repayment...so that is very little change.
The point was the whereabouts of the money. As for being little change, it is almost half of what GoK took in that syndicated loan.
Secondly gok refused to borrow at 20% plus interest rate, and decided to approach banks for cheaper loan; That is prudent.
Your usual approach to facts is to simply dig in your heels and insist on your version of reality. It is good to see you, for once, at least revise your claims once the facts have been submitted---here, a change from:
just a gov prudently deciding they couldn't borrow when US-KSH exchange rate had gone to the dogs.
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So we know have moved from missing 140B to missing 38B. That is some progress.
If you want to go that way .... the 38b figure came earlier; so things are getting worse.
Gov borrowed the syndicated loan at far lower interest rate than the prevailing market rate then...and that is prudent managament of public finances.
Yes of course. Borrowing prudently after prudently deciding not to borrow. I love Pundit Logic.
just a gov prudently deciding they couldn't borrow when US-KSH exchange rate had gone to the dogs.
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Lets have some more meat on the bare eurobonds. As for gov deciding not to borrow..I meant using the normal tbond/tbills...they instead decided to borrow from local banks at low interest rate. You have to understand that treasury just like you and me have to deal with exogenous risks that they cannot control..one of them is USD playing havoc once in a while on the global economy.
So we know have moved from missing 140B to missing 38B. That is some progress.
If you want to go that way .... the 38b figure came earlier; so things are getting worse.
Gov borrowed the syndicated loan at far lower interest rate than the prevailing market rate then...and that is prudent managament of public finances.
Yes of course. Borrowing prudently after prudently deciding not to borrow. I love Pundit Logic.
just a gov prudently deciding they couldn't borrow when US-KSH exchange rate had gone to the dogs.
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POSTED WEDNESDAY, DECEMBER 16, 2015 | BY- JAINDI KISERO
Treasury's explanation on the Eurobond figures do not add up
Page 2 of 2
But apart from the fact that this document does not tell you how the money moved from this account, a large part of the document has been blanked out, rendering it totally unhelpful. It, therefore, becomes almost impossible to account for the $999 million.
Without bank statements and details of wire transfer activity from the Federal Reserve Bank of New York, you lose track of the money.
The only documents you can rely on at this stage are the National Treasury’s own papers introduced in the bundle to advance a self-serving narrative on how the money moved into the country.
Key to the National Treasury’s narrative are seven one-sentence letters by the accountant-general directing the Central Bank to transfer huge chunks of cash into the Consolidated Fund between September 15, 2014 and June 2015.
But do these one-sentence letters cause actual transfers of Eurobond receipts into the Consolidated Fund, as directed by the accountant general and claimed by the National Treasury? The jury is still out.
The pertinent questions are the following: If the money was transferred to the Consolidated Fund, as claimed by the National Treasury, why are all transfers ordered by the accountant-general in the one-sentence letters not captured in the books by both the auditor-general and the controller of budget?
FACING CASH CRUNCH
Why should we believe the National Treasury’s narrative in the face of a contrary opinion expressed in the records of the constitutionally-mandated gatekeepers of the Consolidated Fund?
An even more pertinent question is: Why was $999 million left idle in a bank account in New York from July 3, 2014 to September 8, 2014, at a time when the government was facing a severe cash crunch back home?
In December 2014, the government went back to the Eurobond market for the so-called tap sale, where it received $815 million.
This money was banked at Citi Bank in New York. The statements from Citi Bank show that the proceeds from the tap sale were transferred directly to the Consolidated Fund, as acknowledged by the controller of budget’s report for 2014/ 2015.
My parting shot: If the Ethics and Anti-Corruption Commission is truly interested in getting to the bottom of this matter, it must demand statements from the Federal Bank of New York. Clearly, the math on the Eurobond proceeds still do not add up.
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Ndii, once again:
http://www.nation.co.ke/oped/Opinion/-lies-about-Eurobond/-/440808/3002226/-/lrjlexz/-/index.html
I have yet to read of anyone going through his "accounting" and saying "he's wrong here and there". Instead, the attention has been shifted to this-and-that about Raila. Deliberately?
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Ndii, once again:
http://www.nation.co.ke/oped/Opinion/-lies-about-Eurobond/-/440808/3002226/-/lrjlexz/-/index.html
I have yet to read of anyone going through his "accounting" and saying "he's wrong here and there". Instead, the attention has been shifted to this-and-that about Raila. Deliberately?
The impression I have is that each new attempt to explain Eurobond by GoK is leading to more troubling questions. That they were either cavalier with the money or worse; they are proferring the former alternative.
If there is an honest to God mistake, they are not forthcoming with the truth. That can only mean the truth is unpalatable; there is no mistake; they'd rather deal with any fallout from the confusion than say what is becoming an inevitable conclusion.
They are better off ignoring the questions and trying to weather the storm. The plan being that it remains a purely Kenyan scandal, subject only to kienyeji solutions.
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Treasury cabinet, Henry Rotich would appear to have a new suggestion. Scratch the infrastructure spending and line ministries explanation. They used it to pay off a debt of Ksh. 120 billion left by Kibaki.
Government used Euro bond money to clear Sh 120 billion debt left by former president Mwai Kibaki's administration; CS @HKRotich has said.
Invalid Tweet ID
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Treasury cabinet, Henry Rotich would appear to have a new suggestion. Scratch the infrastructure spending and line ministries explanation. They used it to pay off a debt of Ksh. 120 billion left by Kibaki.
Government used Euro bond money to clear Sh 120 billion debt left by former president Mwai Kibaki's administration; CS @HKRotich has said.
Invalid Tweet ID
Fake Treasury twitter account. My bad.
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i knew it all along. why not say so?
the level of indebtedness won't be known until 2030.
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I thought Rotich said he disbursed the loot to the ministries. What changed between now and then?
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Kibaki borrowed 60B as syndicated commerical loan and Eurobond was used to pay this. That was planned right from Eurobond prospectus. The other money was transferred to Treasury and was used by treasury to meet financial obligaiton of kenya including repaying debts. It plausible another 60B of Eurobond was used in debt repayment. On average the treasury spend about 35B paying debts monthly. This money can come from domestic debt (tbill/tbond), taxes or foreign debt(Eurobond).
Money was borrowed to retire the expensive commerical loan and for budgetary support.
Eurobond is scandal that was invented by desperate CORD and never flew.
The hulaballo about Eurobond is really lots of nonsenses.
Treasury annually borrows same amount of money via our domestic market. It not that suddenly coz we borrowed in Eurobond then we have some "more" 200B. So this extra "new money" should be visible.
Nope. We just have the same money we had planned to borrow. In stead of CMA here in Nairobi, we borrowed from CMA of Ireland.
Every month Treasury borrows BILLIONS of kshs from our banks, insurance companies and name them through Treasury BONDS. I don't see people running around say there is scandal.
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Kenya borrowed the Eurobond cash explicit for investment in infrastructure as per the terms Kenya used to drum investors for the Eurobond.
So where is the infrastructure to match the cash borrowed?
Kenya will use the sale of as much as $2 billion of Eurobonds to upgrade the country’s crumbling infrastructure so it’s able to handle the demands of an expanding economy, Treasury Secretary Henry Rotich said.
http://www.bloomberg.com/news/articles/2013-11-10/kenya-to-use-2-billion-eurobond-proceeds-as-growth-springboard
Kibaki borrowed 60B as syndicated commerical loan and Eurobond was used to pay this. That was planned right from Eurobond prospectus. The other money was transferred to Treasury and was used by treasury to meet financial obligaiton of kenya including repaying debts. It plausible another 60B of Eurobond was used in debt repayment. On average the treasury spend about 35B paying debts monthly. This money can come from domestic debt (tbill/tbond), taxes or foreign debt(Eurobond).
Money was borrowed to retire the expensive commerical loan and for budgetary support.
Eurobond is scandal that was invented by desperate CORD and never flew.
The hulaballo about Eurobond is really lots of nonsenses.
Treasury annually borrows same amount of money via our domestic market. It not that suddenly coz we borrowed in Eurobond then we have some "more" 200B. So this extra "new money" should be visible.
Nope. We just have the same money we had planned to borrow. In stead of CMA here in Nairobi, we borrowed from CMA of Ireland.
Every month Treasury borrows BILLIONS of kshs from our banks, insurance companies and name them through Treasury BONDS. I don't see people running around say there is scandal.
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Don't invent your own facts. Where did Kenya say they are borrowing money explicit for infrastructure. The money was borrowed to retire debts and for budgetary support. And the budget had a lot of infrastructure projects.
Kenya borrowed the Eurobond cash explicit for investment in infrastructure as per the terms Kenya used to drum investors for the Eurobond.
So where is the infrastructure to match the cash borrowed?
Kenya will use the sale of as much as $2 billion of Eurobonds to upgrade the country’s crumbling infrastructure so it’s able to handle the demands of an expanding economy, Treasury Secretary Henry Rotich said.
http://www.bloomberg.com/news/articles/2013-11-10/kenya-to-use-2-billion-eurobond-proceeds-as-growth-springboard
Kibaki borrowed 60B as syndicated commerical loan and Eurobond was used to pay this. That was planned right from Eurobond prospectus. The other money was transferred to Treasury and was used by treasury to meet financial obligaiton of kenya including repaying debts. It plausible another 60B of Eurobond was used in debt repayment. On average the treasury spend about 35B paying debts monthly. This money can come from domestic debt (tbill/tbond), taxes or foreign debt(Eurobond).
Money was borrowed to retire the expensive commerical loan and for budgetary support.
Eurobond is scandal that was invented by desperate CORD and never flew.
The hulaballo about Eurobond is really lots of nonsenses.
Treasury annually borrows same amount of money via our domestic market. It not that suddenly coz we borrowed in Eurobond then we have some "more" 200B. So this extra "new money" should be visible.
Nope. We just have the same money we had planned to borrow. In stead of CMA here in Nairobi, we borrowed from CMA of Ireland.
Every month Treasury borrows BILLIONS of kshs from our banks, insurance companies and name them through Treasury BONDS. I don't see people running around say there is scandal.
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Here is the prospectus:
http://www.rich.co.ke/rcfrbs/docs/Republic%20of%20Kenya%20Preliminary%20Prospectus%20-%203%20June%202014.PDF
And here is relevant section:
Use of Proceeds...................
Kenya expects the net cash proceeds of the issue of the Notes to
amount to US$ , which Kenya expects to use for general
budgetary purposes, including for the funding of infrastructure
projects and repayment of a US$600 million loan incurred in 2011/12
that matures in August 2014.
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The latest on the saga. Supposing the Patrick Njoroge is right and this information cannot be legally disclosed to ODM because it is a third party. Why can't the ODM demand this evidence from the National Assembly?
And if in fact Njoroge has this information, why can't he just publicize the information, even if he does not agree to meet with Raila? If the Eurobond was handled correctly, why can't he just say so?
Raila’s request to have a face-to-face meeting with CBK Governor Patrick Njoroge over the Eurobond proceeds was denied with the banking regulator saying he would not honour an appointment with a third party contrary to banking laws and regulations. The letter dated April 20 (yesterday), ruled out any meeting to discuss the same, arguing Raila, his party ODM and CORD coalition were third parties.
http://www.standardmedia.co.ke/article/2000199004/cbk-governor-njoroge-declines-to-meet-raila-over-eurobond
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It would appear that a director in State House thinks that publicizing how the Eurobond was handled would undermine the credibility of Kenya's institutions. Even if he does not explain how, he sees no point in taking such a risk to their credibility to stop Raila's tantrums.
"The country cannot afford to sacrifice the credibility of its institutions just to pacify Raila and stop his tantrums."
http://www.the-star.co.ke/news/2016/04/21/raila-not-interested-in-eurobond-facts-craving-attention-state-house_c1336880?platform=hootsuite
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Raila is not interested in any information but to politicize and try to scandalize all sort of folks in this fake scandal. Is Raila now a foresnic investigator to go around examining CBK books.CBK has explained severally that all the money came in. Through a wire transfer to treasury account & via direct purchase by CBK.
If Raila feel aggrieved he can always seek a court order to compell CBK to release this info. He'll need a good reason to do so. There are institutions mandate to do this job..parliament, senate,budget controller, auditor general, eacc and treasury.
The latest on the saga. Supposing the Patrick Njoroge is right and this information cannot be legally disclosed to ODM because it is a third party. Why can't the ODM demand this evidence from the National Assembly?
And if in fact Njoroge has this information, why can't he just publicize the information, even if he does not agree to meet with Raila? If the Eurobond was handled correctly, why can't he just say so?
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Raila is a street-smart operative of kingmaker calibre. But he lacks the mould to scale the Rubicon. His strength lies in opponent weakness which makes him perfect for the job. After NYS he has to ensure Jubilee has no means monetary and political to leverage in 2017. Without him we would be sold on Jubilee koolaid of a baloon economy and imaginary prosperity. It is precisely due to Raila's loudmouth that Uhuru has to account for every penny.
On fighting corruption :
Raila A
Uhuru D
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Raila is a street-smart operative of kingmaker calibre. But he lacks the mould to scale the Rubicon. His strength lies in opponent weakness which makes him perfect for the job. After NYS he has to ensure Jubilee has no means monetary and political to leverage in 2017. Without him we would be sold on Jubilee koolaid of a baloon economy and imaginary prosperity. It is precisely due to Raila's loudmouth that Uhuru has to account for every penny.
On fighting corruption :
Raila A
Uhuru D
Raila is the king of doublespeak.
Asking to meet the CBK governor at his convenience in his offices on the Eurobond after saying this to Rotich who is senior to the governor:
He said he was too senior to be invited by the Finance Cabinet Secretary Henry Rotich to his office.
“He cannot invite a Prime Minister to his office…he should be the one coming to my office with his documents,” Mr Odinga said at the Sony Green Stadium Awendo in Migori County when he met ODM officials from the region.
The Cord principal said Mr Rotich must respect his stature and “walk to my office for the briefing ”
He however reiterated that the Eurobond billions have been lost despite the “cover-up bids from the national Government”.
Mr Rotich had invited Mr Odinga to his Treasury offices to be briefed about the Eurobond debate. This followed a letter Mr Odinga wrote demanding explanations.
http://www.nation.co.ke/news/politics/Come-brief-me-in-my-office/-/1064/2984070/-/py7ru9/-/index.html
Raila is playing around, really doesn't want to engage. He should also get a D.
Uhuru's D, though I find it very generous, still stands.
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Raila is beyond senility. He is as effective as civil society now.
Raila is a street-smart operative of kingmaker calibre. But he lacks the mould to scale the Rubicon. His strength lies in opponent weakness which makes him perfect for the job. After NYS he has to ensure Jubilee has no means monetary and political to leverage in 2017. Without him we would be sold on Jubilee koolaid of a baloon economy and imaginary prosperity. It is precisely due to Raila's loudmouth that Uhuru has to account for every penny.
On fighting corruption :
Raila A
Uhuru D
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On fighting corruption :
Raila A
Uhuru D
Raila is the king of doublespeak.
Asking to meet the CBK governor at his convenience in his offices on the Eurobond after saying this to Rotich who is senior to the governor:
He said he was too senior to be invited by the Finance Cabinet Secretary Henry Rotich to his office.
http://www.nation.co.ke/news/politics/Come-brief-me-in-my-office/-/1064/2984070/-/py7ru9/-/index.html
Raila is playing around, really doesn't want to engage. He should also get a D.
Uhuru's D, though I find it very generous, still stands.
That is what I meant -- doublespeak is a hatchet job. The effect of his ramblings is that a penny drop or whiff would be "clear evidence" and vindication of the narrative. You see the likes of Youth Fund's Bruce Odhiambo stepping aside with less fanfare because official corruption is in the spotlight. A
Obviously Cord has no solution offers of its own better than Jubilee's. On top of this stellar anti-corruption performance Kenyans will still need better than "It's our turn" or "Mwizi wa mashamba" manifesto.
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Not to downplay Raila and the politics. Still Patrick Njoroge says the information being sought is privileged. He also also says his institution has handed over the information that EACC wants. The implication I gather is that Eurobond, like many others, should now safely belong in the under investigation tray. Not subject to nosy politicians any longer. Patrick's letter does not mention the Auditor General. That the Auditor General, who is said to be also furiously investigating the same, has not yet talked to CBK would appear to be a fact.
The silence from the parliamentary CORD is deafening. Why haven't they demanded this information from their perches National Assembly? Do they care? The Ababu Namwamba's, the Mbadi's, Midiwos...As far as I can tell Raila is a normal civilian. Why is he the one demanding this information?
I believe Raila is wrong to claim the money was stolen abroad. I don't think any Kenyan would take such a risk. They would not if they have been following ICC, Chickengate and the Sam Gichuru saga. In any case, the documents provided by the treasury seem to support the fact that the money finds its way to Kenya. And there is hard documentation to prove it.
What is not clear , as I mention in another thread, is how the last portion, the famous 999 gets into the Consolidated Fund; this would seem to be something that Patrick would be in as good a position as anyone to easily confirm or deny with documentation. He can silence the CORD crew with simple documents that show the money trail. But he says this is privileged information. If this is true. What are the relevant provisions in the law/constitution?
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You don't want CBK or FedBank of US responding to every wild claim out there. Eurobond has been stolen. Money has been printed. Gold has been carted away. Yes CBK has history of scandal...during the Goldenburg....but I believe if Raila was serious...he should have at very least honoured Rotich invite to go to Treasury. The client of CBK here is Treasury. Rotich invited him and the civilian Raila claimed he was a prime minister.. a clear sign of mental delusion and senility...and Rotich should go with his papers there.
I am not sure how far the Freedom of Information Act has gone....but certainly some information held by banks are privelleged. This information related to their client the Treasury.
Raila is trying to invent a scandal to become relevant and has written comical letters from here to the US.
Not to downplay Raila and the politics. Still Patrick Njoroge says the information being sought is privileged. He also also says his institution has handed over the information that EACC wants. The implication I gather is that Eurobond, like many others, should now safely belong in the under investigation tray. Not subject to nosy politicians any longer. Patrick's letter does not mention the Auditor General. That the Auditor General, who is said to be also furiously investigating the same, has not yet talked to CBK would appear to be a fact.
The silence from the parliamentary CORD is deafening. Why haven't they demanded this information from their perches National Assembly? Do they care? The Ababu Namwamba's, the Mbadi's, Midiwos...As far as I can tell Raila is a normal civilian. Why is he the one demanding this information?
I believe Raila is wrong to claim the money was stolen abroad. I don't think any Kenyan would take such a risk. They would not if they have been following ICC, Chickengate and the Sam Gichuru saga. In any case, the documents provided by the treasury seem to support the fact that the money finds its way to Kenya. And there is hard documentation to prove it.
What is not clear , as I mention in another thread, is how the last portion, the famous 999 gets into the Consolidated Fund; this would seem to be something that Patrick would be in as good a position as anyone to easily confirm or deny with documentation. He can silence the CORD crew with simple documents that show the money trail. But he says this is privileged information. If this is true. What are the relevant provisions in the law/constitution?
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You don't want CBK or FedBank of US responding to every wild claim out there. Eurobond has been stolen. Money has been printed. Gold has been carted away. Yes CBK has history of scandal...during the Goldenburg....but I believe if Raila was serious...he should have at very least honoured Rotich invite to go to Treasury. The client of CBK here is Treasury. Rotich invited him and the civilian Raila claimed he was a prime minister.. a clear sign of mental delusion and senility...and Rotich should go with his papers there.
I am not sure how far the Freedom of Information Act has gone....but certainly some information held by banks are privelleged. This information related to their client the Treasury.
Raila is trying to invent a scandal to become relevant and has written comical letters from here to the US.
Not to downplay Raila and the politics. Still Patrick Njoroge says the information being sought is privileged. He also also says his institution has handed over the information that EACC wants. The implication I gather is that Eurobond, like many others, should now safely belong in the under investigation tray. Not subject to nosy politicians any longer. Patrick's letter does not mention the Auditor General. That the Auditor General, who is said to be also furiously investigating the same, has not yet talked to CBK would appear to be a fact.
The silence from the parliamentary CORD is deafening. Why haven't they demanded this information from their perches National Assembly? Do they care? The Ababu Namwamba's, the Mbadi's, Midiwos...As far as I can tell Raila is a normal civilian. Why is he the one demanding this information?
I believe Raila is wrong to claim the money was stolen abroad. I don't think any Kenyan would take such a risk. They would not if they have been following ICC, Chickengate and the Sam Gichuru saga. In any case, the documents provided by the treasury seem to support the fact that the money finds its way to Kenya. And there is hard documentation to prove it.
What is not clear , as I mention in another thread, is how the last portion, the famous 999 gets into the Consolidated Fund; this would seem to be something that Patrick would be in as good a position as anyone to easily confirm or deny with documentation. He can silence the CORD crew with simple documents that show the money trail. But he says this is privileged information. If this is true. What are the relevant provisions in the law/constitution?
While the FED reserve has a leg to stand on if it advanced the privileged information argument, they are not relevant anymore. Because this information request was made to Patrick Njoroge of CBK.
Rotich whose invite to Raila was declined eventually through the treasury, has shared what he can; the invite and decline is not relevant anymore as far I can tell. Treasury has shared some documentation that proves that at least a portion of the money was handled correctly, if in a delayed manner. And there is no similar documentation for the final 999 that has been shared.
Would you consider information proving that public money was handled correctly to be privileged?
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That is already taken care of. CBK & Treasury has shared all the information. Adhiambo [Raila relative] the Budget Controller who approves any money that goes out of Consolidated Account has said she saw the money except for some which was paid directly to Syndicated Banks [Law was changed to allow for this..no need bring the money here and then wiring it back]. She saw the money come and she saw the money leave to approved budget lines. EACC have been told to look into it. The Auditor General [another Raila man] will do a postmorteum of this.
What is this fishing expedition suppose to do? Why meet CBK governor? Except to waste time, play politics and possibly scandalize the poor fellow. What information does Raila wants from CBK? Sniff Patrick Njunguna opus dei pants for some scandal.
Would you consider information proving that public money was handled correctly to be privileged?
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That is already taken care of. CBK & Treasury has shared all the information. Adhiambo [Raila relative] the Budget Controller who approves any money that goes out of Consolidated Account has said she saw the money except for some which was paid directly to Syndicated Banks [Law was changed to allow for this..no need bring the money here and then wiring it back]. She saw the money come and she saw the money leave to approved budget lines. EACC have been told to look into it. The Auditor General [another Raila man] will do a postmorteum of this.
What is this fishing expedition suppose to do? Why meet CBK governor? Except to waste time, play politics and possibly scandalize the poor fellow. What information does Raila wants from CBK? Sniff Patrick Njunguna opus dei pants for some scandal.
Would you consider information proving that public money was handled correctly to be privileged?
The handling of the syndicated loan is not an issue in any major way as far as I can tell. There might be legal technicalities which one can let slide; I haven't seen anything suspicious otherwise. Whenever it is brought up it only makes it difficult to talk about the 999 million USD at the heart of the issue; a casual observer would think it's the same thing. Henry Rotich and Patrick Njoroge are hardly casual observers one would assume.
Generally the treasury has shared documents that prove that the rest of the money was not misused. Except the 999 million USD. To be fair I don't know the specifics that Raila demanded from Njoroge. It's still puzzling why Njoroge would not just release the documentation, even publishing it on a huge billboard saying, here are the details of how Eurobond was handled and let them sue him.
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Generally the treasury has shared documents that prove that the rest of the money was not misused. Except the 999 million USD. To be fair I don't know the specifics that Raila demanded from Njoroge. It's still puzzling why Njoroge would not just release the documentation, even publishing it on a huge billboard saying, here are the details of how Eurobond was handled and let them sue him.
I believe that that this is a "Two-Step Monkey Business", Step 1 in the USA, Step 2 in Kenya?
Step 2: We await the a-g's report, which is now several months overdue. (Death threats etc. can, I imagine, slow down one's good writing hand.) "Government money" getting eaten in Kenya? That would be some surprise! :D
Step 1: So far all we have seen is documentation on purported transfers of the Eurobond money from X to Y. But, even assuming all the money got transferred to Kenya (or however one puts it), why was large chunk of it apparently just sitting in the USA for something like a couple of months? To answer that, one actually needs to see all transactions on that account during the relevant months. Hint: How can you make money on speculations when you actually have no money to wager?
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Generally the treasury has shared documents that prove that the rest of the money was not misused. Except the 999 million USD. To be fair I don't know the specifics that Raila demanded from Njoroge. It's still puzzling why Njoroge would not just release the documentation, even publishing it on a huge billboard saying, here are the details of how Eurobond was handled and let them sue him.
I believe that that this is a "Two-Step Monkey Business", Step 1 in the USA, Step 2 in Kenya?
Step 2: We await the a-g's report, which is now several months overdue. (Death threats etc. can, I imagine, slow down one's good writing hand.) "Government money" getting eaten in Kenya? That would be some surprise! :D
Step 1: So far all we have seen is documentation on purported transfers of the Eurobond money from X to Y. But, even assuming all the money got transferred to Kenya (or however one puts it), why was large chunk of it apparently just sitting in the USA for something like a couple of months? To answer that, one actually needs to see all transactions on that account during the relevant months. Hint: How can you make money on speculations when you actually have no money to wager?
That chunk did sit for a good while before moving. If some funny business happened with this money, before being transferred to Kenya, I imagine that would be under US jurisdiction. While I don't know what the explanation for that delay is, I still wonder if they would risk it. If the Americans start to investigate, how would the putative crooks stop them? That is why I think nothing funny happened abroad, even if it was enternained.
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So everyone has been threatened? Very rich. If there was an opportunity for Raila to know stuff..then it was now. He has two of his appointee sitting at apex. Adhiambo & Ouko.
Now which money was not moved here. This has been explained severally. I am not suprised treasury & cbk are tired of doing this. Treasury paid syndicated loan from JP Morgan. It also asked JP morgan to wire part of the money to their account in CBK. The final tranch was directly bought from treasury by CBK and JP morgan transferred the money to CBK's own account in FED Bank US.CBK then credited treasury account with similar Kshs amount. CBK are in this business of buying and selling dollars..so they can stabilize exchange rate...and normal do this with big dollar folks..like KTDA.
No scandal here fellows.
This remind me of ODM making similar claims during Safcom IPO. And Kimunya replied this was not a fish market. Safcom had been sold cheaply at 5sh per share :) while in actual sense treasury had valued safcom at 180B kshs...which was a real steal then.
Little knowledge is dangerous. And Raila can barely understand all these complicated stuff.
I believe that that this is a "Two-Step Monkey Business", Step 1 in the USA, Step 2 in Kenya?
Step 2: We await the a-g's report, which is now several months overdue. (Death threats etc. can, I imagine, slow down one's good writing hand.) "Government money" getting eaten in Kenya? That would be some surprise! :D
Step 1: So far all we have seen is documentation on purported transfers of the Eurobond money from X to Y. But, even assuming all the money got transferred to Kenya (or however one puts it), why was large chunk of it apparently just sitting in the USA for something like a couple of months? To answer that, one actually needs to see all transactions on that account during the relevant months. Hint: How can you make money on speculations when you actually have no money to wager?
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So everyone has been threatened? Very rich. If there was an opportunity for Raila to know stuff..then it was now. He has two of his appointee sitting at apex. Adhiambo & Ouko.
Now which money was not moved here. This has been explained severally. I am not suprised treasury & cbk are tired of doing this. Treasury paid syndicated loan from JP Morgan. It also asked JP morgan to wire part of the money to their account in CBK. The final tranch was directly bought from treasury by CBK and JP morgan transferred the money to CBK's own account in FED Bank US.CBK then credited treasury account with similar Kshs amount. CBK are in this business of buying and selling dollars..so they can stabilize exchange rate...and normal do this with big dollar folks..like KTDA.
No scandal here fellows.
This remind me of ODM making similar claims during Safcom IPO. And Kimunya replied this was not a fish market. Safcom had been sold cheaply at 5sh per share :) while in actual sense treasury had valued safcom at 180B kshs...which was a real steal then.
Little knowledge is dangerous. And Raila can barely understand all these complicated stuff.
I believe that that this is a "Two-Step Monkey Business", Step 1 in the USA, Step 2 in Kenya?
Step 2: We await the a-g's report, which is now several months overdue. (Death threats etc. can, I imagine, slow down one's good writing hand.) "Government money" getting eaten in Kenya? That would be some surprise! :D
Step 1: So far all we have seen is documentation on purported transfers of the Eurobond money from X to Y. But, even assuming all the money got transferred to Kenya (or however one puts it), why was large chunk of it apparently just sitting in the USA for something like a couple of months? To answer that, one actually needs to see all transactions on that account during the relevant months. Hint: How can you make money on speculations when you actually have no money to wager?
That red part is where it is relevant and gets murky for me. The Controller of Budget has NOT acknowledged receipt of that money. Is that also because she is a relative/friend/lackey of Raila?
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I must have missed that part.When did she say that. As far as I recall she had an issue with 600M paid directly from Jp Morgan to the syndicated banks.Money normally would come to the consolidated account held in CBK.
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I must have missed that part.When did she say that. As far as I recall she had an issue with 600M paid directly from Jp Morgan to the syndicated banks.Money normally would come to the consolidated account held in CBK.
Or rather did NOT say that. It's (NOT) in her reports to parliament. I'll see the best way I can pull the information and put it together.
It is not surprising, because in the document trail released by Treasury, the money ends up in a different account, I think Sovereign Bond or something like that, rather than the CF. I would have thought maybe nothing wrong with that, but Treasury released notes suggesting that this money finds its way into the CF. That is NOT corroborated by the Budget Controller.
I'll share relevant COB reports soonest.
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“As you rightly point out, the CBK is under the law a banker, advisor to and fiscal agent of the Government. The information and documents held by CBK in relation to the Eurobond is privileged under banking laws, and therefore cannot be disclosed to third parties,” the governor replied.
http://www.standardmedia.co.ke/article/2000199004/cbk-governor-njoroge-declines-to-meet-raila-over-eurobond
This sort of thing doesn't help. What information does the CBK have that it does not care to reveal?
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I am not sure which report you're waitng for but here is Odhiambo says all the money came in. Except of course 600M usd that was wired directly to StanChart who had arranged the loan during Kibadinga era.
http://www.businessdailyafrica.com/Budget-controller-says-all-Eurobond-cash-with-Treasury/-/539546/3038850/-/s3o6qr/-/index.html
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That chunk did sit for a good while before moving. If some funny business happened with this money, before being transferred to Kenya, I imagine that would be under US jurisdiction. While I don't know what the explanation for that delay is, I still wonder if they would risk it. If the Americans start to investigate, how would the putative crooks stop them? That is why I think nothing funny happened abroad, even if it was enternained.
Imagine a situation in which a certain amount is moved out, used to make profit on some activity, and then returned. It is not clear to me that the perps would necessarily run afoul of US law (assuming they pay appropriate taxes on their profits). What would the USA be investigating?
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That chunk did sit for a good while before moving. If some funny business happened with this money, before being transferred to Kenya, I imagine that would be under US jurisdiction. While I don't know what the explanation for that delay is, I still wonder if they would risk it. If the Americans start to investigate, how would the putative crooks stop them? That is why I think nothing funny happened abroad, even if it was enternained.
Imagine a situation in which a certain amount is moved out, used to make profit on some activity, and then returned. It is not clear to me that the perps would necessarily run afoul of US law (assuming they pay appropriate taxes on their profits). What would the USA be investigating?
For sure, I don't know what it would be. Maybe money laundering. It just seems like a very uncomfortable environment for them to operate.