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10 reasons Raila is wrong about Eurobond

08 December 2015, 14:35 Victor Tinto

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 advance.

4. Eurobond money after paying debt & fees was converted into KSH and banked at CBK. It become domestic financing instead of Eurobond financing.

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. 

- MyNews24

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.

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