However, the law does not require the President to do either, while on the other hand the Finance Minister can choose to resign.

Ikolomani MP, Bonny Khalwale introduced the motion when he questioned the minister's role in the Safaricom Initial Public Offering, the sale of the Grand Regency Hotel and the controversy over the money supply contract with De La Rue, among other transactions. Dr Khalwale's motion was seconded by Budalang'i MP Ababu Namwamba.

On his part the Finance Minister defended himself by saying that he was clean and cited his past record in fighting corruption for more than two years during which he has served in that post.

A Cabinet sub-committee on Finance appointed on Tuesday to probe the sale had already finished its work and was due to hand the report to President Kibaki on Wednesday. The report was also to be discussed by the Cabinet on Thursday.

The team that was led by Attorney-General Amos Wako went through the records of the transactions before giving their recommendations one of which was that Mr Kimunya and other key officials should step down to pave way for investigations. It also recommended that the sale of the hotel be revoked.

Regarding sale of the Grand Regency, Mr Kimunya said the hotel was sold for 45 million USD (about Sh3.15 billion) at a mean exchange rate of Sh70 to the dollar on April 8. He explained that following the sale of the hotel by the Central Bank of Kenya, he personally made a statement in May regarding the disposal of the hotel.

“The amount that had been deposited was exchanged at Sh65 to the dollar resulting in the Sh2.9 billion as the actual price for the sale. The information regarding the sale of the hotel was availed to the Lands ministry," he told the MPs