The Ethics and Anti-Corruption Commission (EACC) is now seeking the prosecution of Controller of Budget Margaret Nyakango in connection with the controversial Telkom Kenya buyout valued at Ksh.6 billion.
The EACC’s quarterly report also recommends the arrest and court appearance of former Treasury CS Ukur Yatani on multiple charges related to the Telkom buyout, including money laundering.
The Director of Public Prosecutions (DPP) is currently reviewing the investigative file on the Telkom buyout probe.
During the buyout process, the EACC found that the Attorney General’s advice had been ignored, and the opinion was not considered in the contract with the Communication Authority (CA).
Telkom Kenya buyout saga
The CA is said not to have approved the acquisition of 60% of the shares, indicating that the government’s acquisition from Jamhuri Holdings did not meet the required threshold.
EACC CEO Twalib Mbarak stated, “Our report has big cases. We have the Telkom case in that report.”
The EACC is recommending charges against former Treasury CS Ukur Yattani, former Treasury PS Julius Muia, and Controller of Budget Margaret Nyakango over their roles in the loss of Ksh.6 billion.
Other individuals targeted for prosecution include former director general of public investments and portfolio management Eng.
More targets over the Telkom Kenya buyout
Stanley Kamau, Paul Cunningham (director of Jamhuri Holdings Ltd.), CEO of Telkom Paul Mugo Kibati, Telkom Board Chair Edward Njoroge, Julius Kiplangat Cheptiony, JHL transaction advisor John Ngumi, Kosi Ali, and Alan Wainaina Kongo.
The charges proposed by the EACC include economic crimes, abuse of office, money laundering, and six counts of acquiring proceeds of crime.
In early October, the Cabinet, chaired by President William Ruto, reversed the decision to purchase a 60% stake in Telkom from Helios Investment at a cost of Ksh.6.09 billion.
The government now seeks a refund from the UK-based Helios Company, the central figure in the Telkom takeover dispute, along with its partner/subsidiary Jamhuri Holdings Limited, based in Mauritius over the Telkom Kenya buyout