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Uhuru, Ruto must explain Eurobond mess

03 December 2015, 21:12 Victor Tinto

Nairobi - Two activists have taken the government to court over the contentious use of the Eurobond.

Okiya Omtata and Nyakina Gesibe wants the government put under pressure and forced to release details of the mess that has been taking place as regards the use or misuse of the bond.

They say that there is too much mystery surrounding the use of the funds which have been borrowed from international markets at high interest rates which would be a future burden to Kenyans.

" It is important that the public be told where the funds have gone to as it is their right to know the exact use of such important public funds," they said in their presentation to the courts.

The government has yet to openly declare where the USD 400 million funds gained from the Eurobond have been used.

The opposition CORD coalition has on several occasions stated that it needs the Eurobond transactions made public in-order for the public to gain confidence in the government and its said use of the funds.

According to several reports, the Eurobond funds have been stashed away in foreign bank accounts to gain interest, stories the government has loudly refused.

" The Constitution, the Public Finance Management Act 2012, the Fair Administrative Action Act 2015, the Leadership and Integrity Act 2012, and the Public Officer Ethics Act 2003 have all deliberately been violated by the respondents in the handling of the Eurobond proceeds, resulting in the money being used in a way that is not transparent and accountable, and giving rise to the reasonable suspicion that some KES 197 billion of the money was stolen," they say in their petition.

- 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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