Kenya Today

Kenya News, analysis & in-depth reports

  • Home
  • News
  • Politics
    • Raila Odinga
    • Uhuru Kenyatta
  • Facing Justice
  • Global
  • Opinion
  • Live TV
SHOCKING: Burundi GENOCIDE in one PHOTO

SHOCKING: Burundi GENOCIDE in one PHOTO

December 17, 2015 14 Comments

Why do African Leaders cling to power? Why has African leaders remained silent yet the events in Burundi are inching closer to a genocide?

That aside, here is Jaindi Kisero’s take on #Eurobond.

With the National Treasury having published bank statements where the Eurobond proceeds were deposited in both London and New York on its web site, we can now track and trace how the money moved from those off-shore accounts.

One needs to read the documents that have been dumped on the Treasury’s web site together with bank statements and correspondence contained in the bundle that it handed to the Public Accounts Committee to understand the whole matter.

The journey of the Eurobond proceeds starts from JP Morgan in New York, where the first $2 billion was deposited on June 24, 2014.

What strikes you first is that the mandates for operating this JP Morgan account, including the names and photographs of the signatories to the account, were signed on June 27, three days after the money had been received in the account. A minor detail? Maybe.

Basically, only three transactions are shown in the bank statement. First, an electronic withdrawal on July 3, 2014, of $604 million to Standard Chartered Bank of London to settle the syndicated loan.

ELECTRONIC WITHDRAWAL

The second one is another electronic withdrawal of $395 million on the same day.

The paper trails show that this money was transferred directly to the Consolidated Fund, as required by the Constitution — a fact acknowledged in the auditor-general’s report for 2013/2014.

This begs the question: Why not just transfer the whole amount to the Consolidated Fund on the same day?

A balance of $999 million remained idle in the JP Morgan account for two months, until September 8, 2014, when the account was closed and the money transferred to the Federal Reserve Bank of New York.

There are no bank statements from this off-shore bank account because details of wire transfers of money from this account are excluded from the bundle. Admittedly, a swift transfer document for the Federal Reserve Bank of New York appears in the bundle of documents.

TRANSFER ACTIVITY

But apart from the fact that this document does not tell you how the money moved from this account, a large part of the document has been blanked out, rendering it totally unhelpful. It, therefore, becomes almost impossible to account for the $999 million.

Without bank statements and details of wire transfer activity from the Federal Reserve Bank of New York, you lose track of the money.

The only documents you can rely on at this stage are the National Treasury’s own papers introduced in the bundle to advance a self-serving narrative on how the money moved into the country.

Key to the National Treasury’s narrative are seven one-sentence letters by the accountant-general directing the Central Bank to transfer huge chunks of cash into the Consolidated Fund between September 15, 2014 and June 2015.

But do these one-sentence letters cause actual transfers of Eurobond receipts into the Consolidated Fund, as directed by the accountant general and claimed by the National Treasury? The jury is still out.

The pertinent questions are the following: If the money was transferred to the Consolidated Fund, as claimed by the National Treasury, why are all transfers ordered by the accountant-general in the one-sentence letters not captured in the books by both the auditor-general and the controller of budget?

FACING CASH CRUNCH

Why should we believe the National Treasury’s narrative in the face of a contrary opinion expressed in the records of the constitutionally-mandated gatekeepers of the Consolidated Fund?

An even more pertinent question is: Why was $999 million left idle in a bank account in New York from July 3, 2014 to September 8, 2014, at a time when the government was facing a severe cash crunch back home?

In December 2014, the government went back to the Eurobond market for the so-called tap sale, where it received $815 million.

This money was banked at Citi Bank in New York. The statements from Citi Bank show that the proceeds from the tap sale were transferred directly to the Consolidated Fund, as acknowledged by the controller of budget’s report for 2014/ 2015.

My parting shot: If the Ethics and Anti-Corruption Commission is truly interested in getting to the bottom of this matter, it must demand statements from the Federal Bank of New York. Clearly, the math on the Eurobond proceeds still do not add up.

Filed Under: News

Comments

  1. floor restoration services says

    September 17, 2020 at 8:12 pm

    Unquestionably believe that that you stated. Your favorite justification appeared to be on the internet the easiest factor to bear in mind of. I say to you, I definitely get irked at the same time as folks think about concerns that they just do not understand about. You controlled to hit the nail upon the highest and defined out the whole thing with no need side-effects , people could take a signal. Will likely be again to get more. Thank you

    Reply
  2. next O1 visa says

    September 18, 2020 at 6:40 am

    You made some clear points there. I did a search on the subject and found most individuals will consent with your website.

    Reply
  3. silverado grout says

    September 19, 2020 at 11:54 am

    excellent issues altogether, you just won a brand new reader. What may you recommend about your post that you just made some days in the past? Any certain?

    Reply
  4. dresden wohnungsverkauf says

    September 19, 2020 at 2:12 pm

    Can I simply say exactly what a relief to get somebody that really knows what theyre talking about on the net. You actually learn how to bring a worry to light making it important. Lots more people ought to check out this and understand why side in the story. I cant think youre less well-known because you certainly provide the gift.

    Reply
  5. dresden immobilie says

    September 19, 2020 at 10:05 pm

    We are a group of volunteers and opening a new system in our community. Your web site given us with valuable information to work on. You’ve done an impressive job and our entire community will be grateful to you.

    Reply
  6. male enhancement local stores says

    September 20, 2020 at 2:41 pm

    I believe that is among the such a lot important info for me. And i’m glad reading your article. However should statement on some common things, The website style is ideal, the articles is in point of fact excellent : D. Excellent job, cheers

    Reply
  7. male enhancement clinic near me says

    September 20, 2020 at 7:15 pm

    F*ckin’ awesome things here. I’m very glad to see your article. Thanks a lot and i’m looking forward to contact you. Will you please drop me a mail?

    Reply
  8. pulse cashflow finance limited says

    September 20, 2020 at 8:18 pm

    I and my guys were actually following the good tricks on your website and immediately came up with a horrible feeling I never expressed respect to you for them. The people were certainly excited to study them and have in effect honestly been loving them. Thank you for turning out to be very considerate and then for having this form of terrific subject areas most people are really wanting to be aware of. My sincere regret for not expressing gratitude to you sooner.

    Reply
  9. yellow power male enhancement pills says

    September 21, 2020 at 7:35 am

    Hmm is anyone else experiencing problems with the pictures on this blog loading? I’m trying to find out if its a problem on my end or if it’s the blog. Any feed-back would be greatly appreciated.

    Reply
  10. Visa Cameroun says

    September 21, 2020 at 8:50 am

    I think the admin of this site is in fact working hard for his web site, because here every stuff is quality based stuff.|

    Reply
  11. immobilienverkauf dresden says

    September 21, 2020 at 11:10 pm

    Very great post. I simply stumbled upon your weblog and wanted to say that I’ve truly enjoyed surfing around your weblog posts. In any case I will be subscribing for your rss feed and I hope you write once more very soon!

    Reply
  12. click this link here now - commercial foundation repair dfw says

    September 22, 2020 at 3:41 pm

    Thanks , I’ve just been looking for information approximately this subject for a long time and yours is the best I’ve came upon so far. But, what concerning the conclusion? Are you positive about the source?

    Reply
  13. etopop says

    September 23, 2020 at 7:12 am

    I simply could not depart your site prior to suggesting that I extremely enjoyed the usual info a person supply on your visitors? Is going to be back incessantly to check up on new posts|

    Reply
  14. male enhancement doctor oz says

    September 23, 2020 at 9:03 am

    Hello there! This is my first visit to your blog! We are a group of volunteers and starting a new project in a community in the same niche. Your blog provided us valuable information to work on. You have done a outstanding job!

    Reply

Leave a Reply Cancel reply

Your email address will not be published.

Latest posts

Basic needs of a parliamentary aspirant in Kenya ahead of 2022 election

Analyst: Hon. Wetangula to beat DP Ruto in Kabuchai parliamentary by-election

ABSA bank sacks over 100 employees, expected to kick out 150 more to cut cost

I will defeat Raila and Ruto combined- Hon Mudavadi vows

Murathe warns DP Ruto ahead of his Muranga tour tomorrow

Bluebird Aviation reports rise in emergency medical evacuation

Disclaimer

Privacy and cookies

Copyright @ 2021 | Kenya Today