Top Treasury officials who approved the withdrawal of Sh6.14 billion four days before last year’s general elections to buy out private equity firm Helios in Telkom Kenya risk repaying the money after Parliament refused to regularise the expenditure.
The National Assembly’s Finance committee wants the House to reject the approval sought in respect of the money that was spent without the approval of Parliament at the time.
The government ended up fully owning Telkom Kenya after the purchase of Helios’ 60 percent stake.
The money used to buy out Helios was withdrawn under Article 223 of the Constitution and disbursed on August 5, 2022.
Approval for the expenditure was to be done later but Parliament has now declined to rubber-stamp the deal.
“If the House rejects that withdrawal (Sh6.142 billion), all officers who made the transaction will be held to account and made to repay the money from their pockets,” Kuria Kimani, who chairs the Finance and Planning committee, said in recommendations to Budget and Appropriations Committee (BAC).
“Article 223 of the Constitution has been blatantly abused in the withdrawal of Sh6.142 billion to pay a private person.”
Mr Kimani who appeared before BAC that is receiving committee recommendations on the scrutiny of the Supplementary Budget said the withdrawal of the cash was not an emergency.
