IMF aks govt to reveal persons doing business with state parastatals

The International Monetary Fund (IMF) has asked the Kenyan government to make public the names of private shareholders in firms that boast of State contracts and prosecute individuals implicated in corruption cases including Covid019 graft cases.

Through its Deputy Managing Director Antoinette Sayeh, IMF stated that shareholders who secretly benefit from State deals through intermediaries should be prosecuted so as to reduce theft of public funds.. 

“The recent publication of comprehensive audits of Covid-19 spending, along with the forthcoming disclosure of beneficial ownership information of companies that are awarded procurement contracts, are important steps to strengthen fiscal transparency and accountability in the use of public resources,” IMF Deputy Managing Director said.

The warning by IMF comes after the Attorney General gave companies a window period up to July 31 to file beneficial ownership registers which will reveal identity of company directors including names, phone numbers and residential addresses in efforts to reveal illicit wealth.

On the other hand, The Ethics and Anti-Corruption Commission (EACC) said it handed over the file on the investigations of the alleged Sh7.8 billion Covid-19 procurement scandal to Office of the Director of Public Prosecutions (ODPP) for action.

In April, Kenyans on twitter protested the lending of more than 2.3 billion US dollars.