Members of Parliament are set to investigate Sh6bn allocated for Telkom Kenya purchase four days to the 2022 general Elections.
The Departmental Committee on Finance and National Planning is expected to conduct an inquiry into the disbursement of Sh6 billion to Telkom Kenya to facilitate the exit of Helios Investment Partners.
Moreover, the Committee spearheaded by Molo MP Kimani Kuria is looking to find out if the law was followed in the disbursement of the funds under Article 223 of the Constitution.
“The Legislators also seek to establish the regulatory and statutory approval granted by the Communication Authority of Kenya and Capital Markets Authority for the acquisition of Telkom shares by Jamhuri Holding Limited,” read part of the Committee brief.
Likewise, through a recent report, the Departmental Committee on Finance and National Planning recommended the disapproval of the disbursement which happened in August 2022, but whose approval was sought in January 2023.
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Due to the recommendation by parliament the disbursement remained unapproved, hence the need for the Committee to carry out investigations to determine if taxpayers’ money was lost through the transaction.
Furthermore, the Committee plans to establish if former Treasury Cabinet Secretary Ukur Yatani, former Principal Secretary Julius Muia, and the Controller of Budget Margaret Nyakang’o undertook due diligence when processing the transaction.
“Besides these former and serving officials, the Committee has enlisted the Attorney General, Telkom Management, Jamhuri Holding Limited, Communication Authority of Kenya, Capital Marketing Authority, and the Kenya Revenue Authority to appear before the Committee to aid the inquiry,” read parts of the Statement from the Committee.
Nevertheless, the investigation comes days after Deputy President Rigathi Gachagua said public coffers were looted by the officials as the Supreme Court case against president Ruto’s victory was going on.
