Sunday, May 26, 2024

Auditor General reveals undocumented Ksh 16B loan to KQ by gov’t

The Auditor General has revealed a Ksh 16 billion loan extended to Kenya Airways by the government without any required paperwork.

The loan which lacked the necessary approvals also lacked a designated accounted in which it could have been repaid for accountability purposes.

Upon tracking the loan, it has been established that it has since been mixed with Kenya Airways assets irregularly.

The news comes a day after the Auditor General revealed the government withdrawal of Ksh 147 billion without the approval of the National Assembly raising questions into the Kenya Kwanza spending in their first year in office.

Already mentioned in the irregular payments was the Ministry of Education which was allocated Ksh 4 billion to carter for the State Department for Early Learning and Basic Education for the Secondary Education Quality Improvement Project (SEQIP) in November 2022.

Even though the cash was allocated, some of the projects are yet to be completed and those completed are yet to be handed over to serve its intended use.

The Ministry of Energy was also mentioned for receiving Ksh 2.2 billion for stabilizing punp prices for the period ending June 30th, 2023, allocation that is yet to make sense for the Auditor General.

Also touched in the reports was the Eastern and South African Trade Development Bank and Africa-Export Import Bank which have been requested to provide evidence of receiving Ksh 6.3 billion to purchase shares. The evidence includes share certificates of the said shares.

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