Blog Archive

Tuesday, October 21, 2008

Kenya to pay $91 million in 2009 for anglo-fleecing

Even though the GoK refuses to pay $91 million for the anglo-fleecing contracts... it seems that they might have to pony up the cash... why?

Coz these deal - though scams - were executed by the GoK... sigh... and the crooks/cronies all go free coz they are friends & family of the powers-that-were and powers-that-be...

5 comments:

Anonymous said...

what a brill idea

fan said...

have you tried to access the IMF report that the East African Standard story is based on? Ngumu sana!

And the Anglo Leasing debts were helpfully provided for by the Minister of Finance Kimunya in this year's budget

Anonymous said...

Kenya’s end-2007 external arrears of about $91 million were to commercial creditors and are under dispute.

The arrears stem from non-payment on commercial credits for security-related contracts, many of which have been found by Kenya’s Controller and Auditor-General to be fraudulent or deeply flawed (these projects are often referred to as the “Anglo-Leasing” scandal).

The authorities are disputing the validity of the claims based on the contracts not being fulfilled, have obtained an external audit to determine the value of the goods and services provided, and intend to renegotiate the amounts owed based on the audit results.

Once agreement on the amounts to be paid is reached, it is expected that Kenya will refinance these payments through issuance of new nonconcessional external debt—
potentially commercial bank loans initially, although the proceeds of planned sovereign bond issuance described above could ultimately be used to finance arrears clearance.

misscaffeineaddict said...

okay...
ummm $91 millie from where???
woi!

coldtusker said...

fan: yes... the contracts signed are 'valid'. If a party enters into a lop-sided contract... it is its stupidity not the counter-party.

anglo-fleecing contracts were vetted by amos wako who is still AG. Go figure...