PAC to summon persons named in Eurobond saga

Public Accounts Committee (PAC) chair Nicholas Gumbo has said his committee will summon the eight persons named by Coalitions for Reforms and Democracy (CORD) leader Raila Odinga as culprits in alleged loss of billions of shillings from the Eurobond government loan.

Gumbo has said the PAC also welcomes any other member of the public who has information that might help unravel the alleged Eurobond corruption scam, which the government insists is fictitious.

The PAC chair lauded Odinga for coming out to provide details of his claims, adding that proper investigations should be carried out into the issues raised by the opposition leader.

Gumbo also faulted the Independent Electoral and Boundaries Commission (IEBC) over its proposed Ksh45 billion shilling budget, which he says is too high compared to cost of voting per person in other economies like India.

Gumbo’s sentiments come just two days after Raila named National Treasury Cabinet Secretary Henry Rotich, Treasury Principal Secretary Kamau Thuge, Head of Public Service Joseph Kinyua, and top Central Bank officials among eight top civil servants that he linked to the Eurobond saga.

Others are Central Bank Board Chair Mohamed Nyaoga, former CBK Governor Prof. Njuguna Ndung’u among others.

Odinga wanted the top Treasury, CBK and other civil servants linked to the Eurobond scam to resign immediately and face prosecution.

Odinga insisted that the Jubilee government cannot account for Ksh140 billion shillings from the Eurobond proceeds adding that seven transactions purporting to transfer Eurobond funds into consolidated fund are not supported by credible documents.

Odinga further demanded that President Uhuru Kenyatta declares the Eurobond scandal a national disaster.

Over the past few months, the opposition has raised numerous questions about the $2 billion (Sh175.1 billion) sovereign bond that Kenya raised in a bid to boost development in the country.

Though the Ministry of Finance, through Cabinet Secretary Henry Rotich, has maintained that none of the Eurobond cash has been embezzled, the former PM has continuously stated that the money has been misappropriated.

Raila’s allegations have sparked off bitter exchanges with top leaders in the Jubilee administration, leading the Deputy President William Ruto to brand him and ‘economic saboteur’.