Economist David Ndii insists Sh280 million Eurobond loan was mismanaged by the government, insisting that the theft went unnoticeable by the Auditor General Edward Ouko.
A report filed by Ouko and the team concedes that while the money was channeled into the country, the government did not use Integrated Financial Management System (IFMIS) while handling the loan and it's proceeds.
“The special audit revealed that utilisation of the proceeds of the Eurobond could not be traced to specific development projects. The National Treasury explained that these funds were fungible,” Mr Ouko says in the 13-page report he has dispatched to Parliament, a copy of which has been obtained by the Nation. This is where his audit went cold. The report is dated April 2019.
In 2014, the government vehemently denied claims that the money had been stolen, despite pressure by opposition under the stewardship of Raila Odinga to have the government account for the money.
But in a tweet, Ndii says the money was stolen at the parliamentary Budget Committee level, adding that none of the theft took place through Kenyan banks as earlier thought.
"AG has not cleared Eurobond. This snippet alone confirms that it was stolen through the budget not the banks, as I have maintained all along. Seems like Ouko has done a Mueller.Eurobond billions: The anatomy of a grand heist," claimed Dr Ndii.
He added: "It was never in doubt that GoK received the the #EurobondHeistKe money. The question was where did it go, and the unequivocal answer is that it was stolen. Even ex-Malaysian PM Najib tried to sanitize the 1MDB fraud, but it has caught up with him. Uhuru’s time will come."
Currently, Kenya debt level (domestic and foreign), stands at Sh5 trillion, the highest ever in the history of the country since independence. This Thursday, President Uhuru Kenyatta is set to jet to China where he's expected to borrow an additional Sh368 billion for completion of SGR third phase.
Auditor General Edward Ouko had dispatched a team of detectives to Europe to investigate the loss of Eurobond money but the detectives came home empty handed.