In Summary
  • The ministry sought legal opinion from the Office of the Attorney-General before the audit was carried out.
  • The report shows that the money was deposited into the Consolidated Fund, contrary to claims by the Opposition, civil society and financial experts.

The National Treasury has said the Sh250 billion raised from Eurobond in 2014 was appropriately used.

An audit report by PKF Kenya presented to the National Assembly on Thursday cleared the air over the expenditure of the sovereign bond.

The report, which was commissioned by National Treasury ministry, says evidence shows that the money raised abroad was eventually directed into Consolidated Fund, contrary to claims by the Opposition, civil society and financial experts.

"There is sufficient evidence that all the proceeds of the sovereign bond were either eventually received into the Consolidated Fund or paid out for authorised purposes," the report says, adding that the ministry headed by Mr Henry Rotich sought legal opinion from the Office of the Attorney-General before the audit was carried out.

Auditor General Edward Ouko is yet to complete and present his findings on the matter.

GRAFT LORDS
The Public Accounts Committee (Pac) chaired by Ugunja MP Opiyo Wandayi is preparing to assess the PKF Kenya report and update the House.

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