Did all the net proceeds of the sovereign bond and tap sales come into the Consolidated Fund?
Yes, all the proceeds of the sovereign bond and tap sales were paid into the consolidated fund after netting out the commissions, bank charges, taxes, syndicated loan of Sh88,463,084,420.45 (Sovereign bond proceeds) and Sh73,805,196,715.30 tap sales excluding all interest and loans thereof.
Did any other constitutional office verify the figures?
Yes, the Auditor General has confirmed that all the net proceeds from the sovereign bond and the tap sales were received into the Consolidated Fund. His report for fiscal year 2013/14 confirmed the following:
“Qualify my audit opinion on the basis of this matter due to the fact that the balance of actual net proceeds from the sovereign bond is correctly reflected in the Off-Shore Account and in the Central Bank of Kenya special account.”
Why are there on-going investigations about the Eurobond by the Auditor General?
The parliamentary Public Accounts Committee, the Senate Finance Committee and the DPP requested the Auditor General to carry a special audit of the Eurobond proceeds.
Has any other independent office verified the use of the Euro Bond proceeds?
The office of the controller of budget released a document on June 30 2015 (annexure marked OCOB ‘‘3’’) providing reconciliation of how the sovereign loan proceeds were spent. The statement shows how the money was spent.
Have the allegations that the money was stolen acted upon by constitutionally independent investigating bodies?
Yes, the DPP directed the EACC and the DCI to investigate the matter and forward their findings to the DPP’s office. The DPP summarized the findings of the report as follows:
No government official was found culpable
Recommended that the file be closed
Recommended that the auditor general carry out special audit in ministries/departments and agencies to verify how the proceeds of the Eurobond were applied.
READ: Public divided over Raila Eurobond claims
Where were the net proceeds of the sovereign bond used for?
The national treasury issued exchequer releases to fund the development budget in various ministries/ departments/ agencies.
Who decides how the money is spent?
All expenditures by ministries/departments/agencies are approved by parliament through an Appropriation Act.
Is it possible to trace the specific projects that were funded by the Euro Bond Money?
Yes, information on the specific development projects implemented by the fourteen MDA’s that were funded can be obtained from the specific MDA’s. The ministry of Treasury is however putting together the specific projects funded and they will put it on their website (this is according to a press release on Thursday, December 30, 2015)
