Auditor General: Sh215b Eurobond cash unaccounted for

[Kadudu]

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Strange that this articles have not made headlines in the top newspapers. The Star does not even mention the Auditor General's report.
So this issue is refusing to go. We were told the cash came to Kenya but there is nothing to show of it. Even the Controller of Budget has actually made a damning revelation to Treasury officials.
BTW, Jaindi Kisero wrote on Tuesday the same thing after reading the AG's report on the Eurobond.

http://www.standardmedia.co.ke/article/2000215138/audit-sh215b-eurobond-cash-unaccounted-for

The Auditor General was not satisfied that the Eurobond money was received and spent.

http://www.nation.co.ke/oped/Opinion/We-need-to-clear-the-questions-around-this-Eurobond-matter/440808-3371898-86atlxz/index.html

[RVtitem]

They unveiled a Eurobond towers, the jap nervous centre. Plus numerous malls in nairobi and vicinity. Oppottunies and Jobs created are numerous.

[Nefertiti]

Eurobond = Jubilee kitty

[Kim Jong-Un's Pajama Pants]

Strange that this articles have not made headlines in the top newspapers. The Star does not even mention the Auditor General's report.
So this issue is refusing to go. We were told the cash came to Kenya but there is nothing to show of it. Even the Controller of Budget has actually made a damning revelation to Treasury officials.
BTW, Jaindi Kisero wrote on Tuesday the same thing after reading the AG's report on the Eurobond.

http://www.standardmedia.co.ke/article/2000215138/audit-sh215b-eurobond-cash-unaccounted-for

The Auditor General was not satisfied that the Eurobond money was received and spent.

http://www.nation.co.ke/oped/Opinion/We-need-to-clear-the-questions-around-this-Eurobond-matter/440808-3371898-86atlxz/index.html

You only need to look at the documents Treasury released alleging accountability to arrive at a similar conclusion.  We had that discussion here.  Partisan blinkers meant that even those documents did not receive even a glance by the jubilant wing.

I am sure you know enough not cross your fingers that any meaningful is going to come off this revelation.

[Georgesoros]

The auditor general is marked for removal by parliament. How dare he reveal this crap!!
Even the opposition has been quiet about it, so who is he?

[Kadudu]

The Auditor General did not reveal anything. He only confirmed what was long suspected.

The auditor general is marked for removal by parliament. How dare he reveal this crap!!
Even the opposition has been quiet about it, so who is he?

[Kim Jong-Un's Pajama Pants]

The Auditor General did not reveal anything. He only confirmed what was long suspected.

The auditor general is marked for removal by parliament. How dare he reveal this crap!!
Even the opposition has been quiet about it, so who is he?

An open secret really.  If one cared enough to look at the facts in a detached manner. 

The scary bit, for me, is not the lack of accountability.  But rather the deafening silence from the officials(MPs) tasked with probing this thing.  They have not even made token noises in the right places. 

To be fair to EACC and DPP they have not been silent at all but rather given it a clean bill of health. 

[Georgesoros]

Most MPIGS are money hungry. If they can get some of the loot, who cares?

[Nefertiti]

Pundit is conspicuously silent 

[Georgesoros]

In his defence he has always taken treasury's position that the money was fully accounted for.
He is a die hard defender of the status quo...

Pundit is conspicuously silent 

[patel]

Uhuru should explain to kenyans where the money went....incoming government should make it clear to the loan sharks especially the Chinese that loans made to Jubilee where money cannot be accounted they may not honor them.

[Kim Jong-Un's Pajama Pants]

Uhuru should explain to kenyans where the money went....incoming government should make it clear to the loan sharks especially the Chinese that loans made to Jubilee where money cannot be accounted they may not honor them.

He would have done that a long time ago, if it was possible.  Henry Rotich tried.  Mostly he just obfuscated the issue.  What are the chances of him releasing something contradicting the auditor general? 

The AG is saying that the money was not received by the ministries.  How can he even start to imagine how something that was not received could have been spent?  He is talking about over 2 billion USD.  Some of us were worried about 999 million USD.  How does that kind of money go missing and nothing happens? 

[Kim Jong-Un's Pajama Pants]

Incoming government should make it clear to the loan sharks especially the Chinese that loans made to Jubilee where money cannot be accounted they may not honor them.

It's really upto wanjiku to go after her money.  Get at least something for what she and grandchildren are going to be paying.  Does she care enough?  Remains to be seen.

[veritas]

Robina's nailed it in the head.

Eurobond = Jubilee kitty

Eurobond = Jubilee kitty

[Kadudu]

I like Pundit's arguement that Treasury disbursed the cash to ministries. I have three comments to make.

First of all, the Auditor Genral clearly states that there is no evidence of such transactions. Surely Treasury would have had no problem laying the evidence to the Auditor General.

Secondly the ministries have no projects to show spent on with the Eurobond. The Auditor General gives a good example of the Water Ministry which "received" over 11 billion Ksh from the Eurobond and cannot show any projects.

Thirdly, the Eurobond was specifically advertised as "infrastructure" bond. It would be prudent for the money lenders to come to Kenya and ask to be shown the said projects. The only problem is that these lenders are just interested in their interest. They do not care what is done with the cash as long as the borrowing state pays back. With the low interest rates in developed countries, it has become attractive to lend money to the develoing world despite of the economical and political risks involved.

In his defence he has always taken treasury's position that the money was fully accounted for.
He is a die hard defender of the status quo...

Pundit is conspicuously silent 

[Kim Jong-Un's Pajama Pants]

I like Pundit's arguement that Treasury disbursed the cash to ministries. I have three comments to make.

First of all, the Auditor Genral clearly states that there is no evidence of such transactions. Surely Treasury would have had no problem laying the evidence to the Auditor General.

Secondly the ministries have no projects to show spent on with the Eurobond. The Auditor General gives a good example of the Water Ministry which "received" over 11 billion Ksh from the Eurobond and cannot show any projects.

Thirdly, the Eurobond was specifically advertised as "infrastructure" bond. It would be prudent for the money lenders to come to Kenya and ask to be shown the said projects. The only problem is that these lenders are just interested in their interest. They do not care what is done with the cash as long as the borrowing state pays back. With the low interest rates in developed countries, it has become attractive to lend money to the develoing world despite of the economical and political risks involved.

In his defence he has always taken treasury's position that the money was fully accounted for.
He is a die hard defender of the status quo...

Pundit is conspicuously silent 

He is partial to whatever Rotich and the jubilant says.  The truth is not as important as the doubts, however unreasonable, that can be raised about the AG's claims.  Right now, all Jubilee needs is to create an element of doubt.  They can simply deny it and move on.  Who has ever cared what the AG says anyway?

Agnes Odhiambo insists the money went into the consolidated fund.  While this does not address what the AG is raising, it is more than enough for those predisposed to partisan politics in everything to dismiss the AG. As you can see, this story has barely made the news.

A significant portion of the Kenyan population, possibly as high as half, is fine living with serious unaddressed doubts about financial dealings as long as their "our man" does not suffer politically.

[RV Pundit]

Here we go again with baseless spin. Treasury received the monies in their account in Central Bank. The money was disbursed by the Controller of Budget/Treasury as per the budget line authorized by Mps. If the receiving ministry cannot account for the money - that is hardly suprising. Gov ministries remain dents of corruption as we saw in NYS. The Auditors office is not helping with generic report -- he need to go deeper --and nail the thieves.

Eurobond hulabaloo is driven by people who are hopeless misinformed on things gov finance. How do you dice whatever a ministry received - do you know whether it was from KRA or Eurobond or domestic borrowing ? Each ministry sent their proposal to Treasury/Parliament..and those approved become budget lines...and treasury finances them whenever there is money....so there is no way of knowing this is Eurobond money wired or whatever KRA collected. If the ministry didn't receive money - then probably there wasn't enough money and the projects XYZ was postphoned or altered by suplementary budget. If they received money - and the cannot account for this - then that calls for corruption investigation.

Every week gov borrows billions of money. This year we certainly borrowed certainly more than 210B. There is nothing special about Eurobond.

The only difference here is that money was borrowed externally...otherwise as you speak about 2014 Eurobond..Rotich this week floated billions worth of bond..and received the money (from our banks, insurance companies and pension funds, individuals)...and wired it as per budget. That is Rotich job...to finance the nearly 800B deficit....as well as receiving whatever KRA collects.

Gov should float more eurobond...as opposed to borrowing locally..as local as FX is stable. Those claiming Eurobond disappeared into thin air at some point are best ignored.

Eti Eurobond should be noticeable   Gov simply swapped the domestic debt market for foreign market...end of the day...this year we borrowed more than Eurobond..and it's not noticeable to naked eye. Rotich according to some report I read has been borrowing 40B every month. Why not make a meal about it? The projection is for GOk to borrow 350B this year - way more than Eurobond..and all will disappear into gov.

[Kim Jong-Un's Pajama Pants]

The AG and COB are not contradicting each other because they are not talking about the same thing.  This leaves the AG's claims uncontested.

In a functional state, what is supposed to follow such declarations by the AG?  Do people just ignore it and take Henry Rotich's position?  In whose court is the ball?  Parliament?  Police?  DPP?

Is Edward Ouko really out of his depth?  Does this accountant(of many decades) really not get it when Rotich says the money was given to the line ministries from one basket?  Is that even believable?  What does the AG know to come with such claims?

[Gumzo]

In his defence he has always taken treasury's position that the money was fully accounted for.
He is a die hard defender of the status quo...

Pundit is conspicuously silent 

And to think that that  Konoin Kipsigis got run out of Nipate.com by the Itumbi paid bloggers
for going against status quo after being status quo defender No 1 for some years

[Kim Jong-Un's Pajama Pants]

In his defence he has always taken treasury's position that the money was fully accounted for.
He is a die hard defender of the status quo...

Pundit is conspicuously silent 

And to think that that  Konoin Kipsigis got run out of Nipate.com by the Itumbi paid bloggers
for going against status quo after being status quo defender No 1 for some years

I'd be more curious to know what he thinks about what Edward Ouko appears to be saying or doing.  I already know his political views and what he thinks about those of us who think Eurobond is a cloudy affair.