CBK says staff guiltless over Eurobond cash

January 15, 2016
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CBK Chairman Mohamed Nyaoga was among those mentioned but the bank maintains that it does not even add up, since his appointment came way after the Eurobond process began/FILE
CBK Chairman Mohamed Nyaoga was among those mentioned but the bank maintains that it does not even add up, since his appointment came way after the Eurobond process began/FILE
NAIROBI, Kenya, Jan 15 – The Central Bank of Kenya (CBK) has refuted claims that some of its officials have been involved in the alleged misappropriation of Eurobond proceeds.

In statement, the bank insists that all due process was followed, in not only transferring the money from the foreign accounts but in disbursing it, according to the law.

“The allegations that CBK officials were involved in any misappropriations of these funds have no basis and is erroneous,” the CBK said.

The bank says when requested by investigating agencies, they have been cooperative and provided all required information. The statement comes after CORD leader Raila Odinga claimed that a number of senior CBK officials were among 10 individuals involved in the alleged Eurobond scandal.

Odinga said he linked the individuals to the scandal based on their positions, together with those he mentioned at Treasury.

But in defence, the CBK says its named officials had nothing to do with the saga, and that the evidence is in the public domain.

“CBK staff have also cooperated fully at all stages of the recent investigation on the Eurobond funds. As banker to the government, CBK has provided all evidence requested by the investigating agencies on receipts and disbursements of these funds,” the statement by the regulator said.

CBK Chairman Mohamed Nyaoga was among those mentioned but the bank maintains that it does not even add up, since his appointment came way after the Eurobond process began.

“Mr Mohamed Nyaoga was appointed Chairman of CBK Board on June 19, 2015, and had no access to or participation in the Eurobond matter.”

Nyaoga has since declared he will institute legal action against Odinga.

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