Kenya's ruling party, Jubilee, has been declared 'technically insolvent' in the latest report covering the financial year ending June 30, 2018.
In the report, the party is said to have more liabilities than assets, a situation that has been pegged on the mismanagement of funds by party officials.
The report adds that the party runs on support from creditors, banks and well-wishers.
"As at June 30, 2018, the current liabilities at Ksh133,558,229 exceeded the assets at Ksh 67,278,244 by Ksh 66,279,985 hence, the party was operating on negative capital," reports the Auditor General.
Just recently, the party deputy secretary-general Caleb Kositany wrote a letter to Raphael Tuju (Sec-gen), requesting to know how monthly contributions by members were being used.
In the letter, Kositany asked the party to share the approved budget for financial years 2016/2017, 2017/2018, 2018/2019 and 2019/2020.
“Share all approved financial records, reports and all committee minutes for the years in question, certified bank statements for all Jubilee bank accounts for the same financial years, including all cash books,” reads the letter.
Kositany added that previous requests for the documents had been ignored.
He alleged that the contributed money was being spent on tea and snacks at the party headquarters, claiming it was part of a scheme to siphon public funds.
On his part, Tuju had acknowledged receipt of the letter and promised to table the documents at the next National Executive Council meeting.
“These are public documents and you are entitled to get the copies from the Auditor General’s office or the Registrar of Political Parties. The party cannot receive political parties funds without due compliance,” he stated.
