CORD Statement On How It Will Punish Eurobond Misappropriation


A CORD statement, recently released by the leaders of the coalition, on the proceeds of the Eurobond fund has promised to get to the bottom of the missing Eurobond funds and bring anyone guilty of misappropriation to book.

In a statement released today, the Central Bank of Kenya declined to share information and documents it holds in relation to the Eurobond since third parties are not supposed to be granted access to it.

Raila and other cord principals castigated the CBK boss for referring to Kenyans as third parties in the case of money borrowed in the country’s name to be paid by all of the citizens therein.

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The CORD statement also described the response, indicating that the money has been embezzled.

Revealing that they have been following up with the money since last year, the leaders explained that they were initially told that the National Government had set up a desk at the National Treasury where all information concerning the loan was readily available. However,  it later turned out being a scam since no such desk existed.

The opposition leaders also recalled that the proceeds of Eurobond were, again, said to have been used to improve and construct some infrastructures which the administration would reveal in three months. But not even one was unveiled up till now.

It was later alleged that the money was deposited with the ones from other sources and used to finance public infrastructure projects, but no money has been linked specifically to any project.

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They added that afterwards, the government embarked on a broad campaign with the support of the private sector, led by the Kenya Bankers Association, writing lengthy columns in the national dailies on how all the Eurobond money had been accounted for.

Another contradictory statement was made two weeks ago by the National Treasury CS Mr Henry Rotich according to the co-principals and suggested that all the proceeds of Eurobond were used to offset the debt which Grand Coalition Government owned.

Raila said:

“At around the same time, we established authoritatively that the Government had equally misled the International Monetary Fund on the proceeds and use of the proceeds of Eurobond. We wrote to the IMF seeking clarity. We attach that letter to the IMF.

“It is this ever-changing and conflicting position of the government that compelled us to write to the Governor of the Central Bank of Kenya in the belief that he would have the final word and the duty to share it with the public on this money.”

In response to their request to give detailed account of Eurobond fund, CBK governor in a shocking statement yesterday declared that:

“The information and documents held by the CBK in relation to the Eurobond is privileged under the banking laws, and therefore cannot be disclosed to third parties.”

Opining that CBK is a State organ and the Governor of the CBK is a State officer, the leaders said the state money in the CBK control belongs to all the citizens of Kenya and not the government, who are only the clients of the bank acting on behalf of the people.

According to the opposition leaders:

 The government is the manager of the people’s money. CBK cannot justifiably and legally erect a wall of privilege against the owner of the money; the people of the Republic of Kenya.

The leaders also said that the CBK is meant to be run by a Board. Nonetheless, referencing the CBK Act, the leaders said that in the real sense of it, the Board of Directors is obligated to determine the policy of the bank and regularly review the performance of the Governor.

But in the last two years, the CBK has not had a full Board. This they said is because the CBK boss is working under the policy direction of the chairman, Mr Mohammed Nyaoga and the Principal Secretary to the Treasury Dr Kamau Thugge, who are the only members of the Board.

They also pointed out that CBK can’t say it has the policy to keep public information confidential when it is against the provision of section 35 of Kenya’s Constitution which clearly  stated that information must be published and publicised.

The provision, they say, reads:

1) Every citizen has the right of access to information held by the State; and

(2) The State shall publish and publicise any important information affecting the nation.

Based on the provisions, the leaders said they will pen down questions to the Chairman of the Board demanding for an explanation for the treasonable position by a State organ. And also request for punishment fitting this crime.

The three co-principals who include Hon Raila Odinga, Hon Kalonzo Musyoka, and Sen. Moses Wetangula concluded their worded written statement, with an assurance to keep the party’s promise to Kenyans; To get to the bottom of the missing fund.