Don YF
JF-Expert Member
- May 24, 2014
- 10,494
- 9,854
KPA MD Speaks On China Taking Mombasa Port
kenyans.co.ke Dec 20, 2018 11:46 AM
A view of the Port of Mombasa
The Kenya Ports Authority (KPA) Managing Director Daniel Manduku has finally addressed the loan owed to the Chinese.
Following the circulation of a letter purported to be from the Office of the Auditor General, the MD exuded confidence that the Chinese loan was manageable and there was no need for alarm.
"There is no risk of losing the port. In fact, we will pay this (SGR) loan ahead of time.
"We can even take another loan and pay it on time," the KPA director stated.
The alleged Auditor General report had alleged that Mombasa port was used to secure the Ksh227 billion SGR loan owed to Exim Bank of China.
The report linked to Auditor-General Edward Ouko's office alleged that Kenya could lose the port of Mombasa to the Chinese government if Kenya Railways Corporation (KRC) defaults in the payment.
The audit showed that KPA’s revenue was Ksh42.7 billion as at June 30, 2018, a 7.9 per cent increase from the Ksh39.6 billion recorded the previous year.
"Exim Bank would become a principal over KPA if KRC defaults in its obligations and the Chinese bank exercises power over the escrow account security," the letter sent to the KPA, and signed by FT Kimani allegedly on behalf of Ouko states.
The OAG, however, distanced itself from the report through a post on its official Twitter handle.
"Our attention has been drawn to reports that OAG has released an audit report on Kenya Ports for FY 2017/18.
"This is to clarify that the office has not released any such report," the tweet read..,
Watanzania kumbe mnaonea wivu Kenya na mko tayari kusherehekia mabaya!!.,
kenyans.co.ke Dec 20, 2018 11:46 AM
A view of the Port of Mombasa
The Kenya Ports Authority (KPA) Managing Director Daniel Manduku has finally addressed the loan owed to the Chinese.
Following the circulation of a letter purported to be from the Office of the Auditor General, the MD exuded confidence that the Chinese loan was manageable and there was no need for alarm.
"There is no risk of losing the port. In fact, we will pay this (SGR) loan ahead of time.
"We can even take another loan and pay it on time," the KPA director stated.
The alleged Auditor General report had alleged that Mombasa port was used to secure the Ksh227 billion SGR loan owed to Exim Bank of China.
The report linked to Auditor-General Edward Ouko's office alleged that Kenya could lose the port of Mombasa to the Chinese government if Kenya Railways Corporation (KRC) defaults in the payment.
The audit showed that KPA’s revenue was Ksh42.7 billion as at June 30, 2018, a 7.9 per cent increase from the Ksh39.6 billion recorded the previous year.
"Exim Bank would become a principal over KPA if KRC defaults in its obligations and the Chinese bank exercises power over the escrow account security," the letter sent to the KPA, and signed by FT Kimani allegedly on behalf of Ouko states.
The OAG, however, distanced itself from the report through a post on its official Twitter handle.
"Our attention has been drawn to reports that OAG has released an audit report on Kenya Ports for FY 2017/18.
"This is to clarify that the office has not released any such report," the tweet read..,
Watanzania kumbe mnaonea wivu Kenya na mko tayari kusherehekia mabaya!!.,