Nipate
Forum => Kenya Discussion => Topic started by: patel on June 08, 2017, 06:37:41 PM
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malipo ni hapa hapa duniani. money laundering capital of the world under siege. Money is funneled through Djibouti straight to Qatar for second rinse. These fake sheiks took off with our Eurobond money with plans to start funneling the money back to jubilee during campaign season, that's why you hear about 20 billions for Mombasa port. I doubt there is any sale taking place just money being funneled back. What does this mean for Jubilee thieves? there have to raise/steal campaign money form somewhere else
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Most of the Eurobond was kept for them by Zuma. A smaller fraction is in Brazil.
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All the eurobond monies were received by treasury via CBK. T
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All the eurobond monies were received by treasury via CBK. T
Not confirmed by Auditor General.
Never mind Eurobond is NASA priority number one and if as you say it was received at CBK and as Uhuru says passed on to ministries,
NASA will be confronted with receipts and shown projects carried out.
The Auditor General has declared that Sh215 billion from Kenya’s controversial Eurobond funds has not been accounted for, two years after the Government claimed the cash was allocated to ministries.
The finding comes in Government audit report, which shows that, contrary to claims that the funds were allocated to some ministries, there is no proof of “receipt of expenditure” of this money anywhere in government.
“Investigations into the receipts, accounting and use of funds related to the Sovereign/Euro Bond are still ongoing and the accuracy of the net proceeds of Sh215, 469,626,035.75 is yet to be ascertained,” says Auditor General Edward Ouko.
For instance, the report narrows down to the Ministry of Water and Irrigation, which was said to have received sh11.2 billion, but whose officials failed to show any documentation of receipt and expenditure.
“The management has not provided any list of project(s) that were funded by the Eurobond proceeds. In the circumstance, it has not been possible to confirm how the Eurobond funds were utilised,” states the report.
As the country awaits the conclusion of the investigations, taxpayers will be required to pay Sh17.8 billion in interest payments on the Eurobond loan in the current financial year, the biggest single interest on a loan currently being serviced by the government.
And the Water Ministry’s failure to provide a list of Eurobond-funded projects or show proof of expenditure could reignite debate on what projects were actually funded by the borrowed billions, which Kenya is already repaying.
The Government floated the Eurobond in June 2014 on the Irish stock exchange to raise money for infrastructure development in Kenya.
The flotation raised Sh250 billion. The essence of borrowing from the international markets was to lower interest rates in the country as envisaged by President Uhuru Kenyatta when he pushed for the Bond.
Rates skyrocketed
However, questions emerged when the Government returned to the local banks to borrow even as local interest rates skyrocketed.
Investigations by Parliament then revealed that the Government did not deposit the Eurobond proceeds in the Consolidated account, as required by law, but instead had first put the money in offshore accounts.
In a previous audit report, Mr Ouko had noted that Sh199 billion was received on June 24, 2014 and deposited into an offshore account.
In its explanation, Treasury said it transferred Sh34 billion from the Sh199 billion that was sitting in the offshore account to the Exchequer Account to fund infrastructure projects.
On the same day, July 3, 2014, another amount of Sh53.2 billion was withdrawn from the offshore account to pay a syndicate loan.
While the State graft watchdog, the Ethics and Anti-Corruption Commission, has since stated that the Sh215 billion whose whereabouts has yet to be explained was not stolen, the latest Auditor General report maintains that it was illegal for the Government to deposit any of the funds in the off-shore accounts.
The report indicates that the Government received $2 billion on June 24, 2014 and, contrary to the Public Finance Management Act, proceeded to spend some of it directly from the offshore accounts.
It further indicates that out of the funds, $359,400,000 was moved to the Consolidated Fund on July 3, 2014 to fund infrastructure development.
At the height of a public controversy over the Jubilee government’s handling of the Eurobond funds, the National Treasury said the “missing” cash was accounted for in the 2013-2014 financial year.
The ministry also stated that on the same day they moved $604,560,737.50 from the offshore account to pay a syndicated loan.
Accordingly, the report says the Treasury documents show that at the end of the 2015 financial year on June 30, the remaining balance in the offshore account was $999,018,457.60 (Sh88,463,084,420.45).
However, these funds were moved on September 8, 2014, to a Sovereign Bond Deposits Account at the Central Bank of Kenya.
The Government annex report quoted by the Auditor General shows that an additional amount from external borrowing of $815,436,932.00 (Sh73,805,196,715.30), being net proceeds from the tap sale, was also transferred on 17 December 2014 to the Sovereign Bond Deposits Account at the Central Bank of Kenya.
Curiously, Controller of Budget Agnes Odhiambo who had flip-flopped on the issue, says in her 2014-2015 report that the actual Eurobond figures in the Consolidated Account was Sh73 billion, which reinforces Ouko’s report, and could debunk her earlier claims that the funds were deposited in the Consolidated Fund.
https://www.standardmedia.co.ke/article/2000215138/audit-sh215b-eurobond-cash-unaccounted-for
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The last time he was in NewYork trying to find out from US treasury if the money was wired. If you want to steal money - the last places you want to steal is from US federal reserve banks. Eurobond was banked in US federal reserve bank and amount credited to Central Bank of Kenya...through wire transfers or by CBK buying the dollars directly from US Fed Reserver Bank of US - hardly the place you want to money launder.
Auditor General is asking the wrong question - Eurobond was used to retire Kibadinga commercial syndicate loans and rest pumped directly into budget - and that money could have gone anywhere including counties.
All the eurobond monies were received by treasury via CBK. T
Not confirmed by Auditor General.The Auditor General has declared that Sh215 billion from Kenya’s controversial Eurobond funds has not been accounted for, two years after the Government claimed the cash was allocated to ministries.
The finding comes in Government audit report, which shows that, contrary to claims that the funds were allocated to some ministries, there is no proof of “receipt of expenditure” of this money anywhere in government.
“Investigations into the receipts, accounting and use of funds related to the Sovereign/Euro Bond are still ongoing and the accuracy of the net proceeds of Sh215, 469,626,035.75 is yet to be ascertained,” says Auditor General Edward Ouko.
For instance, the report narrows down to the Ministry of Water and Irrigation, which was said to have received sh11.2 billion, but whose officials failed to show any documentation of receipt and expenditure.
“The management has not provided any list of project(s) that were funded by the Eurobond proceeds. In the circumstance, it has not been possible to confirm how the Eurobond funds were utilised,” states the report.
As the country awaits the conclusion of the investigations, taxpayers will be required to pay Sh17.8 billion in interest payments on the Eurobond loan in the current financial year, the biggest single interest on a loan currently being serviced by the government.
And the Water Ministry’s failure to provide a list of Eurobond-funded projects or show proof of expenditure could reignite debate on what projects were actually funded by the borrowed billions, which Kenya is already repaying.
The Government floated the Eurobond in June 2014 on the Irish stock exchange to raise money for infrastructure development in Kenya.
The flotation raised Sh250 billion. The essence of borrowing from the international markets was to lower interest rates in the country as envisaged by President Uhuru Kenyatta when he pushed for the Bond.
Rates skyrocketed
However, questions emerged when the Government returned to the local banks to borrow even as local interest rates skyrocketed.
Investigations by Parliament then revealed that the Government did not deposit the Eurobond proceeds in the Consolidated account, as required by law, but instead had first put the money in offshore accounts.
In a previous audit report, Mr Ouko had noted that Sh199 billion was received on June 24, 2014 and deposited into an offshore account.
In its explanation, Treasury said it transferred Sh34 billion from the Sh199 billion that was sitting in the offshore account to the Exchequer Account to fund infrastructure projects.
On the same day, July 3, 2014, another amount of Sh53.2 billion was withdrawn from the offshore account to pay a syndicate loan.
While the State graft watchdog, the Ethics and Anti-Corruption Commission, has since stated that the Sh215 billion whose whereabouts has yet to be explained was not stolen, the latest Auditor General report maintains that it was illegal for the Government to deposit any of the funds in the off-shore accounts.
The report indicates that the Government received $2 billion on June 24, 2014 and, contrary to the Public Finance Management Act, proceeded to spend some of it directly from the offshore accounts.
It further indicates that out of the funds, $359,400,000 was moved to the Consolidated Fund on July 3, 2014 to fund infrastructure development.
At the height of a public controversy over the Jubilee government’s handling of the Eurobond funds, the National Treasury said the “missing” cash was accounted for in the 2013-2014 financial year.
The ministry also stated that on the same day they moved $604,560,737.50 from the offshore account to pay a syndicated loan.
Accordingly, the report says the Treasury documents show that at the end of the 2015 financial year on June 30, the remaining balance in the offshore account was $999,018,457.60 (Sh88,463,084,420.45).
However, these funds were moved on September 8, 2014, to a Sovereign Bond Deposits Account at the Central Bank of Kenya.
The Government annex report quoted by the Auditor General shows that an additional amount from external borrowing of $815,436,932.00 (Sh73,805,196,715.30), being net proceeds from the tap sale, was also transferred on 17 December 2014 to the Sovereign Bond Deposits Account at the Central Bank of Kenya.
Curiously, Controller of Budget Agnes Odhiambo who had flip-flopped on the issue, says in her 2014-2015 report that the actual Eurobond figures in the Consolidated Account was Sh73 billion, which reinforces Ouko’s report, and could debunk her earlier claims that the funds were deposited in the Consolidated Fund.
https://www.standardmedia.co.ke/article/2000215138/audit-sh215b-eurobond-cash-unaccounted-for
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Plus, it is illegal to borrow money for the recurrent budget. Transferring the money to ministries without earmarking the funds was clearly against the law.
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Read public finance 101. When did it become illegal to borrow to finance re-current budget :). All the Eurobond monies were budgetted for; all the monies approved by Odhiambo- Raila relative who is also Budget Controller- and Eurobond remain a watershed moment for kenya.
Eurobond went into treasury account - and from there - it was dished out with rest of monies (from taxes or loans or grants) as per the approved budget lines.
Plus, it is illegal to borrow money for the recurrent budget. Transferring the money to ministries without earmarking the funds was clearly against the law.
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One thing that is clear: You are not looking at the available information with any objectivity. You are out to convince mostly yourself that there was no theft.¨
The last time he was in New York trying to find out from US treasury if the money was wired: Would you like to complete this sentence? He went to New york and returned around the 26th of October. So I am wondering what your point is.
Eurobond was banked in US federal reserve bank and amount credited to Central Bank of Kenya...through wire transfers or by CBK buying the dollars directly from US Fed Reserver Bank of US - hardly the place you want to money launder.: Two things here: you are stating undisputed facts. Again I have no idea what your point is. It is like you are contradicting something, only it is obscure. You have to state it.
The Federal Reserve New York is the one with the LEAST credibility of the 12 Fed branches in the US. That is stated in response to your unfounded statement essentially pouring anointing oil on that bank.
Eurobond was used to retire Kibadinga commercial syndicate loans and rest pumped directly into budget - and that money could have gone anywhere including counties.You problem these days is the inability to pay attention to detail then you return to force everybody to watch you re-inventing the wheel. The matter of syndicated loans and their illegal repayment have been settled. The issue is not about the AG asking any relevant questions (not that he must do so where there is a responsible government). The Government's explanation is the one NOT adding up. They claim the money was distributed to ministries. Fine. Where is the proof? None is forthcoming.
They instead say the money went to "projects"- which they say are either in progress or completed. Again there is no proof. Rotich is too drunk to realize that one cannot point at a project previously finaced by a different budget line and say it a Eurobond project.
I have no time but clearly you have not bothered to understand this issue and now you are trying to share your ignorance laced with propaganda.
The last time he was in NewYork trying to find out from US treasury if the money was wired. If you want to steal money - the last places you want to steal is from US federal reserve banks. Eurobond was banked in US federal reserve bank and amount credited to Central Bank of Kenya...through wire transfers or by CBK buying the dollars directly from US Fed Reserver Bank of US - hardly the place you want to money launder.
Auditor General is asking the wrong question - Eurobond was used to retire Kibadinga commercial syndicate loans and rest pumped directly into budget - and that money could have gone anywhere including counties.
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When I run in to idiocy I find it hard to suffer it.
Read public finance 101. When did it become illegal to borrow to finance re-current budget :). All the Eurobond monies were budgetted for; all the monies approved by Odhiambo- Raila relative who is also Budget Controller- and Eurobond remain a watershed moment for kenya.
Eurobond went into treasury account - and from there - it was dished out with rest of monies (from taxes or loans or grants) as per the approved budget lines.
Plus, it is illegal to borrow money for the recurrent budget. Transferring the money to ministries without earmarking the funds was clearly against the law.
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You're the idiot here - it's imprudent but not illegal.
When I run in to idiocy I find it hard to suffer it.
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http://www.kenyalaw.org/lex/actview.xql?actid=No.%2018%20of%202012
scroll to 15(2)C
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This is the problem that arises with people who have seized government and never even bother to read and understand the laws that govern that country.
I am sure you will find some way to to try to spin that God gave Uhuru and Ruto the power to break laws and not appear to be doing so.
If not you will see that whatever you are saying about money going to ministries would have been highly illegal - even if proven! The amounts involved violate this law clearly and explicitly.
Public Finance Management Act.
15. The National Treasury to enforce fiscal responsibility principles
(1) The National Treasury shall manage the national government’s public finances in accordance with the Constitution, and the principles of fiscal responsibility set out in subsection (2).
(2)In managing the national government’s public finances, the National Treasury shall enforce the following fiscal responsibility principles—
(a) over the medium term a minimum of thirty percent of the national and county governments budget shall be allocated to the development expenditure.
(b)the national government’s expenditure on wages and benefits for its public officers shall not exceed a percentage of the national government revenue as prescribed by regulations;
(c)over the medium term, the national government’s borrowings shall be used only for the purpose of financing development expenditure and not for recurrent expenditure;
(d) public debt and obligations shall be maintained at a sustainable level as approved by Parliament for the national government and the county assembly for county government;
(e) fiscal risks shall be managed prudently; and
(f)a reasonable degree of predictability with respect to the level of tax rates and tax bases shall be maintained, taking into account any tax reforms that may be made in the future.
(3) For the purposes of subsection (2)(c), short term borrowing shall be restricted to management of cash flows and in case of a bank overdraft facility it shall not exceed five per cent of the most recent audited national government revenue.
You're the idiot here - it's imprudent but not illegal.
When I run in to idiocy I find it hard to suffer it.
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All the eurobond monies were received by treasury via CBK. T
Not confirmed by Auditor General.
Never mind Eurobond is NASA priority number one and if as you say it was received at CBK and as Uhuru says passed on to ministries,
NASA will be confronted with receipts and shown projects carried out.
The Auditor General has declared that Sh215 billion from Kenya’s controversial Eurobond funds has not been accounted for, two years after the Government claimed the cash was allocated to ministries.
The finding comes in Government audit report, which shows that, contrary to claims that the funds were allocated to some ministries, there is no proof of “receipt of expenditure” of this money anywhere in government.
“Investigations into the receipts, accounting and use of funds related to the Sovereign/Euro Bond are still ongoing and the accuracy of the net proceeds of Sh215, 469,626,035.75 is yet to be ascertained,” says Auditor General Edward Ouko.
For instance, the report narrows down to the Ministry of Water and Irrigation, which was said to have received sh11.2 billion, but whose officials failed to show any documentation of receipt and expenditure.
“The management has not provided any list of project(s) that were funded by the Eurobond proceeds. In the circumstance, it has not been possible to confirm how the Eurobond funds were utilised,” states the report.
As the country awaits the conclusion of the investigations, taxpayers will be required to pay Sh17.8 billion in interest payments on the Eurobond loan in the current financial year, the biggest single interest on a loan currently being serviced by the government.
And the Water Ministry’s failure to provide a list of Eurobond-funded projects or show proof of expenditure could reignite debate on what projects were actually funded by the borrowed billions, which Kenya is already repaying.
The Government floated the Eurobond in June 2014 on the Irish stock exchange to raise money for infrastructure development in Kenya.
The flotation raised Sh250 billion. The essence of borrowing from the international markets was to lower interest rates in the country as envisaged by President Uhuru Kenyatta when he pushed for the Bond.
Rates skyrocketed
However, questions emerged when the Government returned to the local banks to borrow even as local interest rates skyrocketed.
Investigations by Parliament then revealed that the Government did not deposit the Eurobond proceeds in the Consolidated account, as required by law, but instead had first put the money in offshore accounts.
In a previous audit report, Mr Ouko had noted that Sh199 billion was received on June 24, 2014 and deposited into an offshore account.
In its explanation, Treasury said it transferred Sh34 billion from the Sh199 billion that was sitting in the offshore account to the Exchequer Account to fund infrastructure projects.
On the same day, July 3, 2014, another amount of Sh53.2 billion was withdrawn from the offshore account to pay a syndicate loan.
While the State graft watchdog, the Ethics and Anti-Corruption Commission, has since stated that the Sh215 billion whose whereabouts has yet to be explained was not stolen, the latest Auditor General report maintains that it was illegal for the Government to deposit any of the funds in the off-shore accounts.
The report indicates that the Government received $2 billion on June 24, 2014 and, contrary to the Public Finance Management Act, proceeded to spend some of it directly from the offshore accounts.
It further indicates that out of the funds, $359,400,000 was moved to the Consolidated Fund on July 3, 2014 to fund infrastructure development.
At the height of a public controversy over the Jubilee government’s handling of the Eurobond funds, the National Treasury said the “missing” cash was accounted for in the 2013-2014 financial year.
The ministry also stated that on the same day they moved $604,560,737.50 from the offshore account to pay a syndicated loan.
Accordingly, the report says the Treasury documents show that at the end of the 2015 financial year on June 30, the remaining balance in the offshore account was $999,018,457.60 (Sh88,463,084,420.45).
However, these funds were moved on September 8, 2014, to a Sovereign Bond Deposits Account at the Central Bank of Kenya.
The Government annex report quoted by the Auditor General shows that an additional amount from external borrowing of $815,436,932.00 (Sh73,805,196,715.30), being net proceeds from the tap sale, was also transferred on 17 December 2014 to the Sovereign Bond Deposits Account at the Central Bank of Kenya.
Curiously, Controller of Budget Agnes Odhiambo who had flip-flopped on the issue, says in her 2014-2015 report that the actual Eurobond figures in the Consolidated Account was Sh73 billion, which reinforces Ouko’s report, and could debunk her earlier claims that the funds were deposited in the Consolidated Fund.
https://www.standardmedia.co.ke/article/2000215138/audit-sh215b-eurobond-cash-unaccounted-for (https://www.standardmedia.co.ke/article/2000215138/audit-sh215b-eurobond-cash-unaccounted-for)
Omollo,
It was received by GoK. The Auditor General has not been able to put a finger on what happened to it afterwards.
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Most of the Eurobond was kept for them by Zuma. A smaller fraction is in Brazil.
Lakini hata wewe Omollo, yaani Zuma had his tentacles in Zamunda too? It sounds far-fetched but not impossible.
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I stand by it.
Most of the Eurobond was kept for them by Zuma. A smaller fraction is in Brazil.
Lakini hata wewe Omollo, yaani Zuma had his tentacles in Zamunda too? It sounds far-fetched but not impossible.
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Qatar's is a strange case of geopolitical bullying. Their real crime is associating with "non-Arabic terrorists" Iran. The emir called to congratulate the Iranian president on his reelection triggering the gung ho.
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Qatar's is a strange case of geopolitical bullying. Their real crime is associating with "non-Arabic terrorists" Iran. The emir called to congratulate the Iranian president on his reelection triggering the gung ho.
It's Trump that I find amusing.
He immediately backs Saudi Arabia and condemns Qatar. He just doubled back a few minutes ago.
Yet he forgets that the uS has a base in that country from where sorties fly to attack the ISIS. Of course the money financing ISIS is from "independent" Saudi Sheikhs.
Saudi Arabia will soon bite more than it can chew.
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Qataris took out Gaddafi and Mubarak now its their turn to cry and offcourse Saudi will have to face them same sometime down the road.
I wonder where the Qatar sheiks will run to? there is a lot of Kenyan money hidden in Qatar.
Qatar's is a strange case of geopolitical bullying. Their real crime is associating with "non-Arabic terrorists" Iran. The emir called to congratulate the Iranian president on his reelection triggering the gung ho.
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Finally the Saudi cabal issues a list of demands for Qatar
http://www.aljazeera.com/news/2017/06/arab-states-issue-list-demands-qatar-crisis-170623022133024.html
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These Arabs kweli... they even have to pay fines and be monitored, and "align their policies with the GCC". I wonder what they would do to kaffirs.
Arab states issue list of demands to end Qatar crisis
Saudi Arabia and other Arab nations ask Qatar to close Al Jazeera and scale down ties with Iran within 10 days.
...
1) Scale down diplomatic ties with Iran and close the Iranian diplomatic missions in Qatar, expel members of Iran's Revolutionary Guard and cut off military and intelligence cooperation with Iran. Trade and commerce with Iran must comply with US and international sanctions in a manner that does not jeopardise the security of the Gulf Cooperation Council.
2) Immediately shut down the Turkish military base that is currently being built, and halt military cooperation with Turkey inside Qatari territories.
3) Sever all ties to all the "terrorist, sectarian and ideological organisations", specifically the Muslim Brotherhood, ISIL, al-Qaeda, Fateh Al-Sham (formerly known as Nusra Front) and Lebanon's Hezbollah. Qatar needs to formally declare those entities as terrorist groups based on the list of groups that was announced by Saudi Arabia, Bahrain, UAE and Egypt, and concur with all future updates of this list.
4) Stop all means of funding for individuals, groups or organisations that have been designated as terrorists by Saudi Arabia, UAE, Egypt, Bahrain, US and other countries.
5) Hand over "terrorist figures," fugitives and wanted individuals from Saudi Arabia, the UAE, Egypt and Bahrain to their countries of origin. Freeze their assets, and provide any desired information about their residency, movements and finances.
6) Shut down Al Jazeera Network and its affiliate stations.
7) End interference in sovereign countries' internal affairs. Stop granting citizenship to wanted nationals from Saudi Arabia, UAE, Egypt and Bahrain. Revoke Qatari citizenship for existing nationals where such citizenship violates those countries' laws.
8) Qatar has to pay reparations and compensation for loss of life and other financial losses caused by Qatar's policies in recent years. The sum will be determined in coordination with Qatar.
9) Qatar must align itself with the other Gulf and Arab countries militarily, politically, socially and economically, as well as on economic matters, in line with an agreement reached with Saudi Arabia in 2014.
10) Submit all personal details of all the opposition members that Qatar supported and detail all support that Qatar has provided them in the past. Stop all contacts with the political opposition in Saudi Arabia, UAE, Egypt and Bahrain. Hand over all files detailing Qatar's prior contacts with and support for those opposition groups.
11) Shut down all news outlets that it funds, directly and indirectly, including Arabi21, Rassd, Al Araby Al Jadeed, Mekameleen and Middle East Eye, etc.
12) Agree to all the demands within 10 days of it being submitted to Qatar, or the list becomes invalid.
13) Consent to monthly audits for the first year after agreeing to the demands, then once per quarter during the second year. For the following 10 years, Qatar would be monitored annually for compliance.
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Finally the Saudi cabal issues a list of demands for Qatar
http://www.aljazeera.com/news/2017/06/arab-states-issue-list-demands-qatar-crisis-170623022133024.html (http://www.aljazeera.com/news/2017/06/arab-states-issue-list-demands-qatar-crisis-170623022133024.html)
Those guys might be using modern amenities, but their mindset is neolithic.