CMC HOLDINGS LIMITED AND EXTERNAL DEBT ISSUES:
The current Passat controversy revolves also around the Treasury’s unusual decision to procure without any competition 120 VW Passats from one motor dealer – CMC Holdings Limited. This company features in the external debt register as having lent the Government USD 24.2 million dollars for the purchase from it of 522 Land Rovers for the Office of the President in June 2003. Treasury issued irrevocable promissory notes in this transaction to CMC and later the debt was held and collected on by Standard Bank London UK. Below are extracts from the debt register where CMC is listed as a creditor to the Kenya Government. Repayments are indicated as having taken place as follows:







CMC LIMITED - SUPPLY OF 522 LAND ROVERS TO THE OFFICE OF THE PRESIDENT





Loan US$ 24.2m - Status



2002



2003



2004



2005



2006





OUTSTANDING



887,838,124.00



1,456,640,620.00



0.00



0.00



0.00





REPAID



0.00



0.00



1,918,951,745.00



0.00



0.00





Even a school child can tell you something does not look right with these numbers. USD 24.2 million for 522 Land Rovers. The use of irrevocable promissory notes to CMC and later Standard Bank? All this without Parliamentary approval.

These prior dealings with CMC should have made Treasury even more scrupulous in following the Public Procurement laws to the letter and with fidelity to the spirit of competition,economy and transparency.

Is this Passat deal going to blow up in our faces at some time in the future in the Anglo-Leasing vein? Will a debt show up on the External Public Debt Register in the future?

We insist that the External Debt register be tabled in Parliament immediately so that we know what the Grand Coalition Government has borrowed and paid on our behalf. Treasury was asked for the document in Parliament on June 3rd this year and to date has refused to table it in Parliament as a public document for scrutiny.

Kenyans deserve answers from treasury. We do not trust this Treasury with our money! If we were in charge,we would sack the Minister of Finance today!

Mars Group Kenya


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Before you post anything think.give facts only..It's a serious blog for serious people....Do not insult your brother....respect one another...Just be good....
It's good to live a honest life....life without guilt....

Jeremiah 17:11

As a partridge that hatches eggs which it has not laid,So is he who makes a fortune,but unjustly; In the midst of his days it will forsake him,And in the end he will be a fool.'



From the SK Anti-hate/anti- corruption campaigner..

Fundaah,government procured at Kshs. 3.7m for each of the land rovers in 2002? Payments made in 2004? Did PAC in the intervening years investigate the deal? You are on to something,tell us more.

@fundaah,

May be i am not following or may be i am lost somewhere. What are we talking about here,a loan that was given in 2003 or the passats that were purchased this year? What do the land rovers got to do with UK and the present deal? if this Mars is that concerned with our money,why didnt they raise this issue then?

Lets stick to the point,was the passat deal corrupt or not? for parliament to feign ignorance of these things happening i think is very unfortunate.... As a common mwananchi,i knew long time (and this is not from any private means) that new vehicles were being bought and that the guzzlers were to be returned..... came up every other day on news.... so what was this PAC doing all this time?

for what use is the noise if the money had already been spent? these fellas are taking us for a ride and we dont seem to get it and we continue with the same cycle - money is misappropriated,we make noise,a minister is sacked,another appointed,money is misappropriated - and the cycle goes on! who can table for us some conclusive evidence?

Experience is what you get when you don't get what you want.

@kaigangio,you are right- Fundaah actually missed my drift by a mile! @ Wendz,I share your exasperation seeing how easily the 'mouth industry' can ran around and aloud with stories so bare of facts. That is impunity.

'this thread is so similar to the in the link below.......same opposers same proponents'

Fundah,I like that!!!!........makes me just watch some threads these days other than argue the same things month in month out!!!!


The chief value of money lies in the fact that one lives in a world in which it is overestimated.