Uhuru, Ruto must explain Eurobond mess
03 December 2015, 21:12
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.
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