10 reasons Raila is wrong about Eurobond
08 December 2015, 14:35
Nairobi - CORD leader Raila Odinga is wrong on the Eurobond transactions, a renowned lawyer has said.
Lawyer Ahmednassir Abdulahi says that investigations he has done point to there being no issue whatsoever over the use of the KES 250 billion funds.
Raila claims that the money has been misused and that the government has not been able to account for the funds, putting heat on Treasury CS Henry Rotich to explain the whereabouts of the funds.
Ahmednassir says that Raila has got it wrong. This is why.
1. I have received a report of foremost financial expert I commissioned on
Eurobond. No money is lost & Rotich & his team are blameless.
2. Treasury misclassified the Eurobond proceeds as this was the 1st time in
history that bond proceeds were thrown into our financial matrix.
3. The misclassification & misunderstanding was brought about by
Treasury failure to set the formula for Eurobond classification in
4. Eurobond money after paying debt & fees was converted into KSH and banked at CBK. It become domestic financing instead of Eurobond
5. Treasury in the process showed 251 Billion as net domestic funding instead of
110 Billion net domestic funding and 141 Billion Eurobond funding...simple.
6. That is why the Eurobond quarterly budget review showed zero and net
domestic funding showed 251 B. That 251 B contained 141 B Eurobond.
7. That is why the budget out turn balances as the Eurobond money is there
but just wrongly classified as part of 251 B domestic funding.
8. I have shown that no cent of Eurobond money is stolen. Raila and Cord
are merely playing their traditional politics of slush and burn.
9. So the false & vile propaganda against Rotich &Treasury by Raila & Cord is cheap, false, a mere scaremongering and their usual witch-hunt.
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