KES 60bn 'ghost assets' at KPA
14 August 2013, 08:31
Nairobi - A report by the Auditor General states that The Kenya Ports Authority may have inflated the value of its assets by a whopping KES 60 billion.
It seems that the parastatal is riddled with a a deep-rooted rot and dubious financial dealings, as revealed by the auditor, Edward Ouko, raising doubts about KPA's real value as stated in its books, The Standard reports.
KPA has also failed to reign its debtors as the government and private institutions owing it hundreds of millions of shillings, as four private firms alone owe KPA KES 571 million that has not been paid for the last nine years, yet the same is not reflected in the port authority’s financial records.
- For more visit The Standard
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