CORD writes to banks demanding Euro Bond report

CORD writes to banks demanding Euro Bond report

The Coalition for Reforms and Democracy (CORD) has issued a 14-day ultimatum to the government and all companies that were involved in transactions that led to the Euro Bond scandal.

CORD, through letters to the institutions, are now demanding the release of an official statements and clear accounts explaining to the public how the scandal occurred.

“Kenyans are victims of a single case of theft that is without precedent in our history. As citizens we have a right to a full and proper accounting of all loans borrowed in our names. Our children will be paying for this commercial debt and the thought that parts of it may have been stolen is too outrageous to contemplate,” read the statement.

The statement, read by CORD leader Raila Odinga, the opposition now alleges that the appointment of new Cabinet Secretaries is a cover-up meant to divert the attention of Kenyans.

“Last week, we invited you here and asked President Uhuru Kenyatta to go beyond easy talk and embark on specific actions to stem the tide of corruption that is eating our nation from within. We haven’t seen any such steps. We are not convinced that bringing new names into the Cabinet and laundering older ones will do,” stated Odinga.

According to the Former Prime Minister, CORD has reviewed the Government Budget Out turn for the FY 2013/14 and FY 2014/15 published by the National Treasury in two documents namely the Quarterly Economic and Budgetary Review for the Fourth Quarter of the FY 2014/15 dated August 2015.

CORD has also studied the Budget Review and Outlook Paper dated September 2015.

“From the reviews, it is clear to us that the greatest case of theft in Kenyan history is either underway or has already been concluded in one fell swoop in the name of Euro Bond,” claimed Odinga.

According to Odinga, the government’s books regarding the Eurobond do not balance.

“At the very least, the government cannot account for over 140 billion shillings – that is USD 1 billion. You can’t misplace a billion dollars however rich or reckless you are. Even a billion shillings is hard to misplace. Even if it had been misspent in Kenya we would have felt it. Instead the economy today is falling,” noted Odinga.

“Indeed, the government that had promised not to borrow from the local market last year borrowed a further over 200 billion shillings from the local market driving up interest rates and crowding out the private sector.”

CORD has written to Mr. Henry K. Rotich, the Cabinet Secretary for National Treasury; Dr. Kamau Thugge, Principal Secretary for National Treasury, Barclays Bank PLC; London, United Kingdom, J.P. Morgan Securities, London, United Kingdom, QNB Capital LLC, Doha, Qatar and Standard Bank PLC, London, United Kingdom.

“We wish to know; into which bank did every respective Manager of the Eurobond credit the proceeds? What are the account numbers into which these credits were made? Who were the signatories of each offshore account operated by The National Treasury and into which proceeds of the Eurobond were credited? Under whose authority were these accounts opened? How many transactions were carried out through each of the offshore accounts from the date of opening of the account to the date of answering this inquiry? What were the dates, details of beneficiaries and amounts of the transactions? What are the details of the expenditure of the proceeds of the Eurobond that were credited to the Consolidated Fund? How much of these proceeds were used for general budgetary purposes and how much was used for infrastructural projects?”

CORD is asking for details of the appropriation of such sums in the Financial Year 2014/2015.

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CORD kenya raila odinga president kenyatta money bank euro bond cash

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