EACC wants audit of Eurobond projects

Kenya‘s anti-graft watchdog has found no evidence that part of $2 billion raised from a eurobond has been stolen by government officials as the opposition says, but it has called for an audit into related projects, the chief prosecutor said on Friday.

Director of Public Prosecutions Keriako Tobiko ordered the Ethics and Anti-Corruption Commission (EACC) to probe the use of the funds after opposition leader Raila Odinga said the government could not account for 140 billion shillings ($1.37 billion) from the sovereign bond.

“EACC had found no evidence of criminal culpability on the part of any government official and therefore recommended that the file be closed,” Tobiko said in a statement. He added his office would study the file and make a final decision based on the facts and evidence.

Finance Minister Henry Rotich has denied that any portion of the funds from the debut bond in 2014 is unaccounted for.

But the EACC said the matter should be referred to the auditor-general to carry out a special audit on projects funded using proceeds of the bonds by government ministries and departments.

Corruption has been a big hindrance to businesses in Kenya though in recent months the government has taken more than 300 corruption cases to courts, part of an anti-corruption drive by President Uhuru Kenyatta.

Kenyatta’s popularity has all the same been weakened by public frustration that top officials are not being prosecuted for corruption.