The Ethics and Anti-Corruption Commission (EACC) has recommended the immediate arrest and prosecution of former Treasury Cabinet Secretary Ukur Yatani on multiple charges related to the Telkom buyout, including money laundering.
In its quarterly report released on Tuesday, the EACC said that Yatani was involved in a corrupt deal that saw the government acquire a 60% stake in Telkom Kenya from UK-based Helios Investment Partners for Ksh 6.09 billion in September 2022, two days after the August 2022 General Election.
The EACC said that Yatani approved the payment without seeking approval from Parliament or the Auditor-General, as required by law. The EACC also said that Yatani failed to disclose his interest in the deal, as he was one of the highest beneficiaries of the transaction.
The EACC said that Yatani received over Ksh 400 million for his role as a consultant to Helios, and another Ksh 111 million as tax from investment banker John Ngumi, who also advised the government on the deal. The EACC said that these payments were made through offshore companies and bank accounts to conceal their origin and avoid scrutiny.
The EACC said that Yatani’s actions amounted to abuse of office, misappropriation of public funds, money laundering, and violation of the Constitution. The EACC said that it had evidence linking Yatani to several other corrupt deals during his tenure as Treasury CS, including the unga subsidy payment to maize millers.
The EACC urged President William Ruto to act swiftly on its recommendations and ensure that justice is served for Kenyans who have been defrauded by corrupt officials. The EACC also called on Kenyans to support its efforts to fight corruption and promote good governance in the country.