Edito General Edward Ouko.[photo/citizentv]
Auditor-General Edward Ouko the Sh215.5 billion that Kenya borrowed by way of a Eurobond, still a mystery.In a fresh audit report on the National Exchequer Account, Mr Ouko says investigations into the receipt, issue, accounting and utilisation of the funds relating to the sovereign bond issue were still ongoing.“Under the circumstances, the accuracy of the Exchequer balance of Sh203,491,418.97 brought forward from 2014/2015 may be affected by the outcome of the ongoing special audit on Eurobond,” Mr Ouko says in the latest audit report for the year ended June 30, 2016.The report was tabled in the National Assembly by Leader of Majority Aden Duale on December 6, 2017.“However, as indicated in the Auditor’s Report for 2014/15, the receipt of net proceeds from commercial financing (Sovereign/Eurobond) of Sh215,469,626,035.75 accounted for in the 2014/15 financial year could not be ascertained as investigations into the receipts, issues, accounting and utilisation of the funds related to the sovereign/Eurobond was still ongoing as at June 30, 2016,” he says.Kenya in June 2014 floated a $2 billion Eurobond in two tranches of $1.5 billion over 10 years and a five-year $500 million bond whose proceeds it deposited in JPMorgan Chase, New York.