In an unnecessary rant in response to the statement by the DPP, Elgeyo Marakwet Senator Kipchumba Murkomen is drawing fire to his camp by insinuating that the ODPP are not impartial.
After the DPP posted a statement on the amounts lost in the Kimwarer and Arror Dam Scam, the Senator took his phone to respond.
1.I welcome the acknowledgment by the DPP that matters project financing especially where syndicated loans are involved are complex.Though we have few experts in this area, I hope DPP will do everything 2 ensure that the truth is unearthed.There’re glaring errors in the statement https://t.co/ZwrHORF6zg— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
2.21B WAS NOT paid to the contractor. Only about 7.8B was paid for 2 projects by contractor as advance secured by performance bond&to be be recovered in the course of the life of the contract from the certificates issued from time to time.This is a standard practice in the sector https://t.co/ZwrHORF6zg— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
3.The cost of securing the syndicated loan which covers insurance fee,agency fee,commitment fee,arrangement fee etc are paid upfront to enable borrower secure the loan.They are not paid to contractor. Again these are standard payments made to all syndicated loans in the world https://t.co/ZwrHORF6zg— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
4.insurancefee ensures that instead of paying 7% interest on the loan for 7yrs, the country can pay 1-2% interest for 21 yrs.For a project like Arror&Kimwarer which generates 80MW of electricity it means when complete in the 5years it will repay the loan in the remaining 16 years https://t.co/ZwrHORF6zg— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
https://t.co/anc4uCiLIK,Procurement&Construction+Financing (EPC+F)Contract framework transfers all design&construction risk to the contractor for a fixed sum&for a fixed period.DESIGNS are done after winning https://t.co/YV2ZbTegUO the tender is rightly awarded without designs https://t.co/ZwrHORF6zg— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
7. In 6 points above I have addressed what I consider errors of law&fact based on my expertise in matters project financing& syndicated loans.If DPP&DCI find it necessary 2 tap into my knowledge in the area, I am willing to render by expert services to my nation.Give me a call https://t.co/4M0NJx3UNl— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
I am glad DPP acknowledges the fact that syndicated loan processes involve many players from Lending nation, private banks,Treasury(CS,PS+many), parent ministry (CS,PS+) AG, SG,KVDA , contractor,NLC etc. https://t.co/ZwrHORF6zg— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
I am also pleased to note the fact that DPP acknowledges that this is not just about Arror&Kimwarer. Same processes apply to all all other projects including Thwake,Karumenu,Roads, Ports,security,energy. Basically all syndicated loans follow the same models. https://t.co/ZwrHORF6zg— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
The DPP had a simple response to the tweets:Finally on this matter I hope there will be no discrimination targeting projects in my county that are funded in the same manner as projects elsewhere.I also hope excuses aren’t being created to kill the projects.Selective &targeted investigations are UnConstitutional.Good night https://t.co/ZwrHORF6zg— KIPCHUMBA MURKOMEN, E.G.H (@kipmurkomen) March 8, 2019
Kindly provide the necessary information/evidence to the @DCI_Kenya for purposes of analysis and authentication of the same.— ODPP_KE (@ODPP_KE) March 8, 2019
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