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Kenya Economy Watch
winmak
#2381 Posted : Thursday, November 28, 2019 7:15:25 AM
Rank: Member


Joined: 12/1/2007
Posts: 425
Location: Nakuru
maka wrote:
Sufficiently Philanga....thropic wrote:
Why can't we have Opus Dei lead this country???


Ummmh I am very sure you know the answer... 馃し馃徑鈥嶁檪锔忦煠佛煆解嶁檪锔忦煠佛煆解嶁檪锔忦煠佛煆解嶁檪锔忦煠佛煆解嶁檪锔忦煠佛煆解嶁檪锔


Not in a million years 馃槺
For investors as a whole, returns decrease as motion increases ~ WB
aemathenge
#2382 Posted : Thursday, November 28, 2019 12:04:32 PM
Rank: Elder


Joined: 10/18/2008
Posts: 3,084
Location: Kerugoya
It is getting hot in here

Quote:
The Kenya Revenue Authority (KRA) has been allocated additional cash to hire 1,000 intelligence and enforcement officers who will identify and arrest wealthy tax cheats in what promises to be the biggest crackdown on high-networth individuals who owe the taxman.


https://www.businessdail...65318-10qtjwp/index.html
whiteowl
#2383 Posted : Friday, November 29, 2019 10:29:34 AM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,375
Location: Bohemian Grove
[quote=aemathenge]It is getting hot in here

Quote:
The Kenya Revenue Authority (KRA) has been allocated additional cash to hire 1,000 intelligence and enforcement officers who will identify and arrest wealthy tax cheats in what promises to be the biggest crackdown on high-networth individuals who owe the taxman.


https://www.businessdail...5318-10qtjwp/index.html[/quote]

You get 200 guys to do a job and they get no increase in revenue. Now the solution is to hire 1000 more guys? Isn't this the definition of madness?
shocks
#2384 Posted : Sunday, December 01, 2019 12:20:10 PM
Rank: Member


Joined: 3/15/2009
Posts: 343
whiteowl wrote:
[quote=aemathenge]It is getting hot in here

Quote:
The Kenya Revenue Authority (KRA) has been allocated additional cash to hire 1,000 intelligence and enforcement officers who will identify and arrest wealthy tax cheats in what promises to be the biggest crackdown on high-networth individuals who owe the taxman.


https://www.businessdail...5318-10qtjwp/index.html[/quote]

You get 200 guys to do a job and they get no increase in revenue. Now the solution is to hire 1000 more guys? Isn't this the definition of madness?

If they cost the taxman 3 million a year, thats an extra wage bill of 3 billion. How much extra do they need to collect to ensure taxpayer isn't fooled
Angelica _ann
#2385 Posted : Sunday, December 01, 2019 12:43:05 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,994
shocks wrote:
whiteowl wrote:
[quote=aemathenge]It is getting hot in here

Quote:
The Kenya Revenue Authority (KRA) has been allocated additional cash to hire 1,000 intelligence and enforcement officers who will identify and arrest wealthy tax cheats in what promises to be the biggest crackdown on high-networth individuals who owe the taxman.


https://www.businessdail...5318-10qtjwp/index.html[/quote]

You get 200 guys to do a job and they get no increase in revenue. Now the solution is to hire 1000 more guys? Isn't this the definition of madness?

If they cost the taxman 3 million a year, thats an extra wage bill of 3 billion. How much extra do they need to collect to ensure taxpayer isn't fooled


Target is an extra 50b. So much witch-hunting and blackmail will be going on.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
newfarer
#2386 Posted : Sunday, December 01, 2019 6:26:30 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,365
Location: Uganda
Angelica _ann wrote:
shocks wrote:
whiteowl wrote:
[quote=aemathenge]It is getting hot in here

Quote:
The Kenya Revenue Authority (KRA) has been allocated additional cash to hire 1,000 intelligence and enforcement officers who will identify and arrest wealthy tax cheats in what promises to be the biggest crackdown on high-networth individuals who owe the taxman.


https://www.businessdail...5318-10qtjwp/index.html[/quote]

You get 200 guys to do a job and they get no increase in revenue. Now the solution is to hire 1000 more guys? Isn't this the definition of madness?

If they cost the taxman 3 million a year, thats an extra wage bill of 3 billion. How much extra do they need to collect to ensure taxpayer isn't fooled


Target is an extra 50b. So much witch-hunting and blackmail will be going on.

They will just kill the remaining struggling businesses
punda amecheka
Ericsson
#2387 Posted : Tuesday, December 03, 2019 3:38:08 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,736
Location: NAIROBI
https://www.the-star.co....l-bills-says-cs-yatani/

The government is grappling with historical pending bills amounting to Sh1.8 trillion, senators heard yesterday.

Acting Treasury CS Ukur Yatani told senators that the bulk of the bills are made up of millions in unsettled court awards running for years.

The rest of the bills, he noted, consist of legal fees and fines.

He said the government doesn't know yet how to settle the huge bills, which he admitted is a challenge to the ministry.
aemathenge
#2388 Posted : Monday, December 09, 2019 12:32:31 PM
Rank: Elder


Joined: 10/18/2008
Posts: 3,084
Location: Kerugoya
[quote=aemathenge]It is getting hot in here

Quote:
The Kenya Revenue Authority (KRA) has been allocated additional cash to hire 1,000 intelligence and enforcement officers who will identify and arrest wealthy tax cheats in what promises to be the biggest crackdown on high-networth individuals who owe the taxman.


https://www.businessdail...5318-10qtjwp/index.html[/quote]

KRA to attach tax cheats鈥 salaries, seize properties

Quote:
The Kenya Revenue Authority (KRA) has started the process of attaching properties, salaries and bank accounts of high profile tax cheats in what promises to be the boldest crackdown on high net worth persons.


https://www.businessdail...8204-11t290xz/index.html
newfarer
#2389 Posted : Monday, December 09, 2019 2:51:07 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,365
Location: Uganda
[quote=aemathenge][quote=aemathenge]It is getting hot in here

Quote:
The Kenya Revenue Authority (KRA) has been allocated additional cash to hire 1,000 intelligence and enforcement officers who will identify and arrest wealthy tax cheats in what promises to be the biggest crackdown on high-networth individuals who owe the taxman.


https://www.businessdail...5318-10qtjwp/index.html[/quote]

KRA to attach tax cheats鈥 salaries, seize properties

Quote:
The Kenya Revenue Authority (KRA) has started the process of attaching properties, salaries and bank accounts of high profile tax cheats in what promises to be the boldest crackdown on high net worth persons.


https://www.businessdail...204-11t290xz/index.html[/quote]

Kibaki did well without all this nonsense.. They continue to strangle businesses

Something on me if we won't still find ourselves with billions in shortfalls

When a cow is sick you don't increase the frequency of milking to yield more milk.you look for a vet treat it and feed it .

With the intensity of the taxman businesses will continue to close as many now have nothing to lose by closing or letting more employees leave since the have nothing to do
punda amecheka
Gathige
#2390 Posted : Monday, December 09, 2019 4:50:48 PM
Rank: Veteran


Joined: 3/29/2011
Posts: 2,098
newfarer wrote:
[quote=aemathenge][quote=aemathenge]It is getting hot in here

Quote:
The Kenya Revenue Authority (KRA) has been allocated additional cash to hire 1,000 intelligence and enforcement officers who will identify and arrest wealthy tax cheats in what promises to be the biggest crackdown on high-networth individuals who owe the taxman.


https://www.businessdail...5318-10qtjwp/index.html[/quote]

KRA to attach tax cheats鈥 salaries, seize properties

Quote:
The Kenya Revenue Authority (KRA) has started the process of attaching properties, salaries and bank accounts of high profile tax cheats in what promises to be the boldest crackdown on high net worth persons.


https://www.businessdail...204-11t290xz/index.html[/quote]

Kibaki did well without all this nonsense.. They continue to strangle businesses

Something on me if we won't still find ourselves with billions in shortfalls

When a cow is sick you don't increase the frequency of milking to yield more milk.you look for a vet treat it and feed it .

With the intensity of the taxman businesses will continue to close as many now have nothing to lose by closing or letting more employees leave since the have nothing to do


Debt collection 101, when someone owes you money, you first talk to them nicely to pay. Enforced collection is expensive, takes very long and may yield nothing.

Tax collections are low not mainly because of non remittance, but the tax base has shrunk under Jubilee. Job losses, the associated shrinking purchasing power etc have all contributed.

1000 sleuths will follow up on the same people and not collect much.
"Things that matter most must never be at the mercy of things that matter least." Goethe
Ericsson
#2391 Posted : Tuesday, December 10, 2019 1:22:25 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,736
Location: NAIROBI
https://www.nation.co.ke...9676-jx3k54z/index.html

A team tasked with reviewing the skewed contract between Kenya and the Chinese firm operating the Sh327 billion standard gauge railway (SGR) has hit a dead end.

This comes after China Road and Bridge Corporation (CRBC), the contractor, refused to provide key information protected by the confidentiality clauses in the controversial contract, on the grounds that it was 鈥渟ensitive and private鈥.

鈥淭he negotiation for a review of the operation and maintenance contract did not progress because the operator refused to provide information that would enable the team to determine reasonable costs of SGR operations,鈥 a highly-placed source said.

This comes even as Kenya readies itself to pay the first Sh25 billion instalment for the construction and locomotives loan next month, following the expiry of the five-year grace period in line with the May 11, 2014 loan agreement to finance the Jubilee government鈥檚 pet project. Another Sh25 billion will fall due in June next year.

Kenya has already set aside Sh35 billion in the supplementary budget to take care of the repayment to China鈥檚 Exim Bank next month.

By the end of 2020, Kenya is expected to have repaid at least Sh50 billion of the loan.
TOTAL DEBT

A multi-agency team was formed after concerns were raised on the need to take a fresh look at various contracts that had been awarded to CRBC to ensure that Kenya protected its interests and assets, as well as removed any touchy issues.

To revisit the contracts, the team comprising officials from the Presidential Delivery Unit, the Office of the Attorney-General, Kenya Railways (KR), Ministry of Transport, the National Treasury and CRBC was set up.

It was led by Transport Principal Secretary Esther Koimett, whose previous role as Kenya鈥檚 Investment Secretary and now as the ministry鈥檚 accounting officer put her in good stead.

But, after a number of preparatory meetings, the process stalled and appears to have been shelved altogether.

鈥淲e asked for data to help us come up with the regression analysis formula and inform the renegotiations, but this was not provided,鈥 the source said.

Based on the operations contract, Kenya Railways currently owes CRBC over Sh31 billion in fixed and variable costs, which have to be paid by the exchequer since the operator had not been able to break even.

The total debt for the SGR project in January 2020 will be over Sh60 billion.

IN FINANCIAL THROES

Meanwhile, CRBC claims that it is becoming increasingly difficult to continue working without the payments from Kenya Railways, and has come up with measures to sustain its operations.

It has communicated these measures to KR and the Ministry of Transport.

As at November 1, the invoiced amount was $476 million (Sh47.6 billion). Kenya Railways approved Sh43 billion and so far Sh7.3 billion has been paid.

Kenya Railways is also struggling to pay security fees for the trains. It is also supposed to come up with Sh170 million as insurance premium.

To deal with the cash flow problems, CRBC says it will be forced to suspend salaries for expatriates and insurance medical cover as well as the transfer allowance if KR does not pay it soon.

CRBC came into the picture during the Grand Coalition government headed by President Mwai Kibaki, when some of the initial contracts were signed.
The firm sought favour with top officials from KR and the Transport ministry with the blessing of the Prime Minister鈥檚 office.

It was allowed to do a 鈥渇ree鈥 feasibility study, which turned out to be the document that set it apart as the preferred supplier of almost everything.

SOVEREIGNTY CONCERNS

After the study, it was awarded the contract to build the railway line from Mombasa to Nairobi, having found a financier back home.

It also bagged the next contract to procure coaches and locomotives, known as rolling stock.

Together with its affiliates, it got the contract to supervise the construction, and finally, to operate and maintain the line.

But CRBC is operating the trains through its subsidiary, Africa Star Railway Operation Company, adding to the confusion over who to deal with.

Trouble started when it emerged that Kenya could have exposed its assets, among them the Mombasa port, as security for the loan.
It also emerged that the contract was hurriedly drawn up in a government-to-government deal.

The worst provisions had to do with security. The contract put Kenya鈥檚 strategic assets at home and abroad at risk of being seized by the Chinese government in the event of a default.

Also, any disputes are to be governed by Chinese laws. To operate the trains, CRBC charges a fixed Sh1.3 billion per month, or about Sh40 million daily.

KENYA PENALISED

It also loads other charges, known as variable costs, when it increases trips during peak seasons or when it does more than three return trips a day.

鈥淜enya took the demand risk and that is why it is our job to ensure the trains are full while the CRBC assumed the operations risk,鈥 the source said.

Mid this year, the operator sent Kenya Railways a fee note of Sh30 billion in pending payments.

It also slapped Kenya with penalties amounting to Sh800 million for late repayments of its operation fees.

The contract also frees the operator of all liability but forces KR to pay the fixed monthly service charge, which must be paid quarterly and in advance.

鈥淲hat we need is a formula that can help determine the fixed and variable costs. What we have is an arbitrary fee such that we cannot work backwards or accurately to forecast as required in any costing model,鈥 another source said.

A special reserve account with Sh3 billion to cushion CRBC was also opened.

The contract also made it imperative to start operations by June 1, 2017. Any delay would attract a Sh24.2 million fine daily.

REVENUE

The money generated from ticket sales is deposited in a reserve bank account, together with all payments from Kenya Railways.

This must be done within 24 hours. 鈥淭he Operator shall also, as an agent of KR, manage a system for collection of non-cash revenue, including payment utilising the M-Pesa cash transfer platform,鈥 the contract says.

During a live NTV interview on December 28 last year, President Uhuru Kenyatta promised to release the SGR contract to put to rest any 鈥減orojo鈥 (rumours) that the Chinese could seize the Port of Mombasa if Kenya defaulted on its payments.

He is yet to do so.
littledove
#2392 Posted : Tuesday, December 10, 2019 1:54:58 PM
Rank: Member


Joined: 7/1/2014
Posts: 745
Location: sky
Ericsson wrote:
https://www.nation.co.ke/news/Chinese-firm-withholds-key-detail-in-SGR-deal-review/1056-5379676-jx3k54z/index.html

A team tasked with reviewing the skewed contract between Kenya and the Chinese firm operating the Sh327 billion standard gauge railway (SGR) has hit a dead end.

This comes after China Road and Bridge Corporation (CRBC), the contractor, refused to provide key information protected by the confidentiality clauses in the controversial contract, on the grounds that it was 鈥渟ensitive and private鈥.

鈥淭he negotiation for a review of the operation and maintenance contract did not progress because the operator refused to provide information that would enable the team to determine reasonable costs of SGR operations,鈥 a highly-placed source said.

This comes even as Kenya readies itself to pay the first Sh25 billion instalment for the construction and locomotives loan next month, following the expiry of the five-year grace period in line with the May 11, 2014 loan agreement to finance the Jubilee government鈥檚 pet project. Another Sh25 billion will fall due in June next year.

Kenya has already set aside Sh35 billion in the supplementary budget to take care of the repayment to China鈥檚 Exim Bank next month.

By the end of 2020, Kenya is expected to have repaid at least Sh50 billion of the loan.
TOTAL DEBT

A multi-agency team was formed after concerns were raised on the need to take a fresh look at various contracts that had been awarded to CRBC to ensure that Kenya protected its interests and assets, as well as removed any touchy issues.

To revisit the contracts, the team comprising officials from the Presidential Delivery Unit, the Office of the Attorney-General, Kenya Railways (KR), Ministry of Transport, the National Treasury and CRBC was set up.

It was led by Transport Principal Secretary Esther Koimett, whose previous role as Kenya鈥檚 Investment Secretary and now as the ministry鈥檚 accounting officer put her in good stead.

But, after a number of preparatory meetings, the process stalled and appears to have been shelved altogether.

鈥淲e asked for data to help us come up with the regression analysis formula and inform the renegotiations, but this was not provided,鈥 the source said.

Based on the operations contract, Kenya Railways currently owes CRBC over Sh31 billion in fixed and variable costs, which have to be paid by the exchequer since the operator had not been able to break even.

The total debt for the SGR project in January 2020 will be over Sh60 billion.

IN FINANCIAL THROES

Meanwhile, CRBC claims that it is becoming increasingly difficult to continue working without the payments from Kenya Railways, and has come up with measures to sustain its operations.

It has communicated these measures to KR and the Ministry of Transport.

As at November 1, the invoiced amount was $476 million (Sh47.6 billion). Kenya Railways approved Sh43 billion and so far Sh7.3 billion has been paid.

Kenya Railways is also struggling to pay security fees for the trains. It is also supposed to come up with Sh170 million as insurance premium.

To deal with the cash flow problems, CRBC says it will be forced to suspend salaries for expatriates and insurance medical cover as well as the transfer allowance if KR does not pay it soon.

CRBC came into the picture during the Grand Coalition government headed by President Mwai Kibaki, when some of the initial contracts were signed.
The firm sought favour with top officials from KR and the Transport ministry with the blessing of the Prime Minister鈥檚 office.

It was allowed to do a 鈥渇ree鈥 feasibility study, which turned out to be the document that set it apart as the preferred supplier of almost everything.

SOVEREIGNTY CONCERNS

After the study, it was awarded the contract to build the railway line from Mombasa to Nairobi, having found a financier back home.

It also bagged the next contract to procure coaches and locomotives, known as rolling stock.

Together with its affiliates, it got the contract to supervise the construction, and finally, to operate and maintain the line.

But CRBC is operating the trains through its subsidiary, Africa Star Railway Operation Company, adding to the confusion over who to deal with.

Trouble started when it emerged that Kenya could have exposed its assets, among them the Mombasa port, as security for the loan.
It also emerged that the contract was hurriedly drawn up in a government-to-government deal.

The worst provisions had to do with security. The contract put Kenya鈥檚 strategic assets at home and abroad at risk of being seized by the Chinese government in the event of a default.

Also, any disputes are to be governed by Chinese laws. To operate the trains, CRBC charges a fixed Sh1.3 billion per month, or about Sh40 million daily.

KENYA PENALISED

It also loads other charges, known as variable costs, when it increases trips during peak seasons or when it does more than three return trips a day.

鈥淜enya took the demand risk and that is why it is our job to ensure the trains are full while the CRBC assumed the operations risk,鈥 the source said.

Mid this year, the operator sent Kenya Railways a fee note of Sh30 billion in pending payments.

It also slapped Kenya with penalties amounting to Sh800 million for late repayments of its operation fees.

The contract also frees the operator of all liability but forces KR to pay the fixed monthly service charge, which must be paid quarterly and in advance.

鈥淲hat we need is a formula that can help determine the fixed and variable costs. What we have is an arbitrary fee such that we cannot work backwards or accurately to forecast as required in any costing model,鈥 another source said.

A special reserve account with Sh3 billion to cushion CRBC was also opened.

The contract also made it imperative to start operations by June 1, 2017. Any delay would attract a Sh24.2 million fine daily.

REVENUE

The money generated from ticket sales is deposited in a reserve bank account, together with all payments from Kenya Railways.

This must be done within 24 hours. 鈥淭he Operator shall also, as an agent of KR, manage a system for collection of non-cash revenue, including payment utilising the M-Pesa cash transfer platform,鈥 the contract says.

During a live NTV interview on December 28 last year, President Uhuru Kenyatta promised to release the SGR contract to put to rest any 鈥減orojo鈥 (rumours) that the Chinese could seize the Port of Mombasa if Kenya defaulted on its payments.

He is yet to do so.


crazy, this is going to drain us properly and for a long time
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
Angelica _ann
#2393 Posted : Tuesday, December 10, 2019 3:48:15 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,994
https://www.businessdail...9818-11at7op/index.html



Slow job growth denies KRA Sh30bn income tax

The government鈥檚 hopes of raising higher revenues from new jobs and salary increases in the private sector have been dampened after the Kenya Revenue Authority (KRA) recorded a 12 percent shortfall in its targeted tax collection from salaries.

The Treasury had estimated that it could raise Sh110 billion from Pay As You Earn (PAYE) in the first three months of the current financial year, but only managed to raise Sh98.1 billion.

It had also projected to collect Sh100 billion from incomes, but the taxman brought in Sh82 billion, underlying the challenges that the economy is experiencing in creating new jobs and increasing incomes in both the formal and informal sectors.

The Treasury finds itself in a catch-22 as it can ill-afford to miss tax targets given that it has run out of room to borrow to plug the revenue gap. However, it still has a little wiggle room after Parliament last month passed an amendment raising the debt ceiling to Sh9 trillion.

This came in the wake of regulatory filings showing that Kenya spends about Sh60 out of every Sh100 it collects as tax to pay off debt. Shrinking tax collection is set to pile more pressure on the Treasury to meet its obligations.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Angelica _ann
#2394 Posted : Tuesday, December 10, 2019 4:34:03 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,994
Then this .........smile smile smile



https://www.businessdail...208-1384snuz/index.html

Kenya spent Sh437m in secret Amina AU vote hunt

Kenya spent Sh437.7million in its failed bid to capture the African Union Commission chairmanship in a campaign fronted by Deputy President William Ruto.

Data submitted to Parliament shows that Sh437,776, 982 was spent in the campaigns, exceeding the set confidential expenditure by Sh52, 095,299.

The Ministry of Foreign Affairs had earmarked Sh385,681,683 on the confidential expenditure linked to campaigns for the then Foreign Affairs Cabinet Secretary Amina Mohamed鈥檚 bid for the chairperson of the African Union Commission (AUC) in the year to June 2017.

"AUC campaign expenditure as captured in the initial working schedules, however, stood at Sh437,776,982 which differs from the certified amount by Sh52,095,299, Macharia Kamau, the Foreign Affairs Principal Secretary, told Parliament.

"This difference relates to the AUC campaigns conducted by the Deputy President and were initially charged under the AUC campaign funds, but were later transferred to State visits expenditure," he added.

Ms Mohamed, now the Sports Cabinet Secretary, lost her bid to be the continent鈥檚 top diplomat to her Chad counterpart, Moussa Faki Mahamat, in a vote that took seven rounds to conclude.

Kenya campaigned across Africa with President Uhuru Kenyatta sending special envoys to all 53 countries in the continent.

Mr Kamau said the expenditure was confidential and refused to offer a breakdown of the AU campaign expenditure, arguing that it was a secret account.

"It is true that the statements on African Union Chairmanship campaigns as supported by the certificate issued by the Cabinet Secretary responsible for the Ministry as required under regulation 101(5) of the Public Financial Management (National Government) Regulations 2015 including, the supporting schedules and documents reflects confidential expenditure totalling Sh385,681,683.50 for the year 2016/2017," Mr Kamau said in submissions to the National Assembly鈥檚 Public Accounts Committee (PAC).

The revelations are contained in a report on the examination of the audited financial statements of the national government for the year 2016/17 that was approved by Parliament on Thursday.

Mr Kamau told the committee chaired by Ugunja MP Opiyo Wandayi that a further Sh50 million was incurred on a security operation relating to the AUC campaigns during the year under focus.

"This expenditure was rightfully classified as confidential as per the prescription at regulation 101(6) of the Public Financial Management Act (National Government) Regulations 2015, and therefore details of the same could not be disclosed," Mr Kamau said.

The Foreign ministry also procured tonners during the African Union Chairmanship campaign for use by the campaign secretariats.

The Auditor-General office revealed that some 89 tonners purchased for Sh27,368,000 under the confidential expenditure item were overpriced by Sh9,857,800 over and above their prevailing market prices

Mr Kamau said although the items were procured under emergency conditions, they were sourced through quotations from prequalified suppliers under the Access to Government Procurement Opportunities (AGPO) programme, whereby prices charged include market price plus a mark-up.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
newfarer
#2395 Posted : Tuesday, December 10, 2019 9:00:19 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,365
Location: Uganda
Angelica _ann wrote:
Then this .........smile smile smile



https://www.businessdail...208-1384snuz/index.html

Kenya spent Sh437m in secret Amina AU vote hunt

Kenya spent Sh437.7million in its failed bid to capture the African Union Commission chairmanship in a campaign fronted by Deputy President William Ruto.

Data submitted to Parliament shows that Sh437,776, 982 was spent in the campaigns, exceeding the set confidential expenditure by Sh52, 095,299.

The Ministry of Foreign Affairs had earmarked Sh385,681,683 on the confidential expenditure linked to campaigns for the then Foreign Affairs Cabinet Secretary Amina Mohamed鈥檚 bid for the chairperson of the African Union Commission (AUC) in the year to June 2017.

"AUC campaign expenditure as captured in the initial working schedules, however, stood at Sh437,776,982 which differs from the certified amount by Sh52,095,299, Macharia Kamau, the Foreign Affairs Principal Secretary, told Parliament.

"This difference relates to the AUC campaigns conducted by the Deputy President and were initially charged under the AUC campaign funds, but were later transferred to State visits expenditure," he added.

Ms Mohamed, now the Sports Cabinet Secretary, lost her bid to be the continent鈥檚 top diplomat to her Chad counterpart, Moussa Faki Mahamat, in a vote that took seven rounds to conclude.

Kenya campaigned across Africa with President Uhuru Kenyatta sending special envoys to all 53 countries in the continent.

Mr Kamau said the expenditure was confidential and refused to offer a breakdown of the AU campaign expenditure, arguing that it was a secret account.

"It is true that the statements on African Union Chairmanship campaigns as supported by the certificate issued by the Cabinet Secretary responsible for the Ministry as required under regulation 101(5) of the Public Financial Management (National Government) Regulations 2015 including, the supporting schedules and documents reflects confidential expenditure totalling Sh385,681,683.50 for the year 2016/2017," Mr Kamau said in submissions to the National Assembly鈥檚 Public Accounts Committee (PAC).

The revelations are contained in a report on the examination of the audited financial statements of the national government for the year 2016/17 that was approved by Parliament on Thursday.

Mr Kamau told the committee chaired by Ugunja MP Opiyo Wandayi that a further Sh50 million was incurred on a security operation relating to the AUC campaigns during the year under focus.

"This expenditure was rightfully classified as confidential as per the prescription at regulation 101(6) of the Public Financial Management Act (National Government) Regulations 2015, and therefore details of the same could not be disclosed," Mr Kamau said.

The Foreign ministry also procured tonners during the African Union Chairmanship campaign for use by the campaign secretariats.

The Auditor-General office revealed that some 89 tonners purchased for Sh27,368,000 under the confidential expenditure item were overpriced by Sh9,857,800 over and above their prevailing market prices

Mr Kamau said although the items were procured under emergency conditions, they were sourced through quotations from prequalified suppliers under the Access to Government Procurement Opportunities (AGPO) programme, whereby prices charged include market price plus a mark-up.


This already dwarfs what Sonko stole why is someone not in prison?
punda amecheka
Ericsson
#2396 Posted : Wednesday, December 11, 2019 10:21:52 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,736
Location: NAIROBI
newfarer wrote:
Angelica _ann wrote:
Then this .........smile smile smile



https://www.businessdail...208-1384snuz/index.html

Kenya spent Sh437m in secret Amina AU vote hunt

Kenya spent Sh437.7million in its failed bid to capture the African Union Commission chairmanship in a campaign fronted by Deputy President William Ruto.

Data submitted to Parliament shows that Sh437,776, 982 was spent in the campaigns, exceeding the set confidential expenditure by Sh52, 095,299.

The Ministry of Foreign Affairs had earmarked Sh385,681,683 on the confidential expenditure linked to campaigns for the then Foreign Affairs Cabinet Secretary Amina Mohamed鈥檚 bid for the chairperson of the African Union Commission (AUC) in the year to June 2017.

"AUC campaign expenditure as captured in the initial working schedules, however, stood at Sh437,776,982 which differs from the certified amount by Sh52,095,299, Macharia Kamau, the Foreign Affairs Principal Secretary, told Parliament.

"This difference relates to the AUC campaigns conducted by the Deputy President and were initially charged under the AUC campaign funds, but were later transferred to State visits expenditure," he added.

Ms Mohamed, now the Sports Cabinet Secretary, lost her bid to be the continent鈥檚 top diplomat to her Chad counterpart, Moussa Faki Mahamat, in a vote that took seven rounds to conclude.

Kenya campaigned across Africa with President Uhuru Kenyatta sending special envoys to all 53 countries in the continent.

Mr Kamau said the expenditure was confidential and refused to offer a breakdown of the AU campaign expenditure, arguing that it was a secret account.

"It is true that the statements on African Union Chairmanship campaigns as supported by the certificate issued by the Cabinet Secretary responsible for the Ministry as required under regulation 101(5) of the Public Financial Management (National Government) Regulations 2015 including, the supporting schedules and documents reflects confidential expenditure totalling Sh385,681,683.50 for the year 2016/2017," Mr Kamau said in submissions to the National Assembly鈥檚 Public Accounts Committee (PAC).

The revelations are contained in a report on the examination of the audited financial statements of the national government for the year 2016/17 that was approved by Parliament on Thursday.

Mr Kamau told the committee chaired by Ugunja MP Opiyo Wandayi that a further Sh50 million was incurred on a security operation relating to the AUC campaigns during the year under focus.

"This expenditure was rightfully classified as confidential as per the prescription at regulation 101(6) of the Public Financial Management Act (National Government) Regulations 2015, and therefore details of the same could not be disclosed," Mr Kamau said.

The Foreign ministry also procured tonners during the African Union Chairmanship campaign for use by the campaign secretariats.

The Auditor-General office revealed that some 89 tonners purchased for Sh27,368,000 under the confidential expenditure item were overpriced by Sh9,857,800 over and above their prevailing market prices

Mr Kamau said although the items were procured under emergency conditions, they were sourced through quotations from prequalified suppliers under the Access to Government Procurement Opportunities (AGPO) programme, whereby prices charged include market price plus a mark-up.


This already dwarfs what Sonko stole why is someone not in prison?


Sonko has been kicked out of the system
aemathenge
#2397 Posted : Wednesday, December 11, 2019 12:37:53 PM
Rank: Elder


Joined: 10/18/2008
Posts: 3,084
Location: Kerugoya
Ericsson wrote:
Sonko has been kicked out of the system


I would NOT take that to the bank.
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