According to the MP, The money was distributed to influential people.was distributed to influential people.
According to reports, the Treasury decided against the Controller of Budget’s advice and spent Sh6.09 billion to buy a 60 percent stake in Telkom Kenya.
• Margaret Nyakang’o, the controller of the budget, had informed the lawmakers that she would not approve the withdrawal.
The majority leader of the National Assembly, Kimani Ichung’wah, said that some of the Sh6.09 billion the government spent to buy holdings in Telkom Kenya was divided among influential people.
The Kenya Kwanza administration’s paperwork, according to the Kikuyu MP, demonstrate that the funds were transferred to offshore accounts two days after the general election on August 9.
He claimed that despite the payment to purchase a 60 percent stake in Telkom, it is still unknown who legally owns the business.
Ichung’wah stated during a parliamentary session on Tuesday that “the money was sent to accounts in Malaysia, then back to individual accounts in Kenya, and finally again to Cayman islands.”
Ichung’wah stated that the recipient accounts had been connected to influential figures in the previous administration when supporting the first supplemental budget for the fiscal year 2022–2023
Others were grinning while Kenyans awaited election results as their accounts both domestically and abroad got billions of shillings, he claimed.
According to reports, the Treasury defied the Controller of Budget and paid Sh6.09 billion to a UK-based private equity fund to buy a 60 percent stake in Telkom Kenya.
In an agreement that would have left Telkom Kenya completely State-owned, Controller of Budget Margaret Nyakang’o had previously told Lawmakers that she had refused to approve the withdrawal of the billions needed to buy out Helios Investment Partners.
On August 5, 2022, the Treasury withdrew Sh6.09 billion and paid Jamhuri Holdings Ltd, a Helios subsidiary domiciled in Mauritius, in a deal that did not have parliamentary approval.
In the final weeks of Uhuru Kenyatta’s presidency, the deal was finalized. In addition to the Telkom Kenya agreement, the Treasury also spent an additional Sh16 billion in the weeks preceding President Ruto’s inauguration without getting permission from Parliament.
