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Kenya's anti-graft body recommends audit of Eurobond projects

Kenya's anti-graft body recommends audit of Eurobond projects

Kenya

Kenya’s Director of Public Prosecutions, Keriako Tobiko, has ordered the Ethics and Anti-Corruption Commission (EACC) to probe the use of funds raised from the country’s inaugural $2.75 billion Eurobond.

This was after opposition leader Raila Odinga said the government could not account for $1.37 billion from the sovereign bond, implying that the money had been stolen by government officials.

“EACC had found no evidence of criminal culpability on the part of any government official and therefore recommended that the file be closed,” Tobiko said in a statement.

EACC had found no evidence of criminal culpability on the part of any government official and therefore recommended that the file be closed.

He added his office would study the file and make a final decision based on the facts and evidence.

Finance Minister, Henry Rotich, has denied that any portion of the funds from the debut bond in 2014 is unaccounted for.

Corruption has been a big hindrance to businesses in Kenya and President Uhuru Kenyatta has been quoted describing graft in the country as a security threat.

Recently, the government has taken more than 300 corruption cases to courts which is an initiative by President Uhuru Kenyatta to rid the country of corruption.

Nonetheless, Uhuru’s popularity has dwindled with members of the public expressing their frustration that top officials are not being prosecuted for corruption.

This is not the first time that Kenya has been on the spotlight light over mega corruption scandals.

In the 1990s, the Kenyan government lost almost $1 billion in the so-called Goldenberg scandal that involved the fraudulent export of gold and diamond jewelry.

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