The Ethics and Anti-Corruption Commission (EACC) has recommended the prosecution of Controller of Budget Margaret Nyakango in connection to allegations of irregular acquisition of Telkom Kenya Limited shares by the Government of Kenya.
The investigation focuses on the government’s purchase of Telkom shares from Helios Investors Partners III through Jamhuri Holdings Limited for Ksh 6 billion in the fiscal year 2022/2023.
Quarterly reports
According to the quarterly report between July 1, 2023, and September 30, 2023, the case was forwarded to the Director of Prosecution on August 29, 2023.
Other individuals implicated in the commission’s findings include former Cabinet Secretary of National Treasury Ukur Yattani, former PS-National Treasury Julius Muia, former Director General of Public Investments and Portfolio Management Eng. Stanley Kamau, Paul Cunningham (Director, Jamhuri Holdings Ltd), Paul Mugo Kibati (CEO of Telkom), Julius Kiplangat Cheptiony, John Ngumi (Transaction Advisor, JHL), Kosi Ali (an employee of Telkom), Alan Wainaina Kongo (Telkom’s employee), Edward Njoroge (Board Chair, Telkom), and M/s Jamhuri Holdings Ltd.
These recommendations come shortly after Nyakango was arrested in connection with a complaint filed against her and 10 other individuals in 2016 before she assumed the role of Controller of Budget.
The charges against her include conspiracy to defraud, operating a Sacco without a License, forgery, and uttering a false document.
