Former Uhuru CS, PS, and CoB Margaret Nyakang’o faces arrest

EACC recommends the arrest and prosecution of former Treasury CS Ukur Yatani and Controller of Budget Margaret Nyakang’o over in Ksh 6B Telkom takeover

The Ethics and Anti-Corruption Commission (EACC) has asked the Director of Public Prosecutions (DPP) to press charges against allies of former President Uhuru Kenyatta who are said to have broken the law in the Ksh6 billion Telkom takeover case. 

The EACC is requesting that former Treasury Cabinet Secretary (CS) Ukur Yatani, former Principal Secretary Julius Muia, Controller of Budget Margaret Nyakang’o, and Telkom management take responsibility for what it believes to be the unlawful acquisition of Telkom by Helios Invest, a private equity vehicle with headquarters in the UK.

Telkom management targetted by EACC included the chairman of the board, the CEO, the Chief Finance Officer (CFO), and the Chief Strategy & Business Officer. Helios’ transaction advisor also risks arrest. 

According to reports, the Communications Authority of Kenya did not approve the acquisition of 60 percent shares of Telkom Limited by the government. 

The Attorney General’s office was also not consulted on the sale of Telkom as mandated by the law, as the office bearer is the chief government advisor. 

EACC thus ascertained that the takeover was contrary to the Public Finance Management Regulations 2015 on supplementary appropriation. 

“Investigations also revealed that the acquisition of shares by the government did not meet the threshold as provided in Regulation 40 (3) and (4) (0) of the Public Finance Management Regulations. 2015 since the transaction was not unforeseen and unavoidable.

“On August 29, 2023, a report was compiled and forwarded to the DPP with recommendations to charge the former Cabinet Secretary (CS) for the National Treasury, the former Principal Secretary at The National Treasury, the Controller of Budget, the former Director General Public Investments and Portfolio Management,” EACC stated. 

Controller of Budget Margaret Nyakang’o had claimed that Yatani coerced her to clear irregular spending a few days before the August 2022 General Election and that she never approved the withdrawal of the money to buy out Telkom Kenya from Helios Invest.

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“I rejected some of the withdrawals, including the Ksh6,091,140,702 that was funding to cater for the exit of Helios Investment in Telkom Kenya Ltd. And this was in writing,” she told the Parliamentary Public Petitions Committee in March this year. 

Responding to the allegations, former PS Julius Muia, while appearing before the joint sitting of the Departmental Committee on Finance and National Planning and the Departmental Committee on Communication Information and Innovation, argued that the Telkonm acquisition was lawful.

“The National Treasury complied with all the legal requirements. The payment was lawful and in accordance with the constitution. It was all done in the interest of the Kenyan people,” Muia defended the buyback.

Meanwhile, Nyakang’o was arrested on Tuesday, December 5, and charged with four counts, including conspiracy to defraud and operating a Sacco without a licence contrary to the Law. She was, however, released on a Ksh500,000 cash bail after she pleaded not guilty to the offences. 

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