Central Bank of Kenya (CBK) Board Chair Mohamed Nyaoga who accuses Cord Leader Raila Odinga linking him to Eurobond saga.
Central Bank of Kenya (CBK) Board chair Mohammed Nyaoga will institute legal proceeding against Cord Leader Raila Odinga for failing to apologize to claims of defamation that linked him to Eurobond saga.

This is after Raila issued a detailed response insisting that he did not defame him and shall not apologize.
The Coalition leader in a response through his lawyer Paul Mwangi claims that during all the time that the questions about Eurobond proceeds has been raised, Central Bank has ignored it and instead left it to the National Assembly.

Central Bank of Kenya (CBK) is a government bank and it doesn’t monitor how government spends it money after it withdraws it from CBK.

Raila in what seems to be a pure contradiction, claims that Nyaoga has not attempted to ensure that the Bank fulfills its constitutional and statutory mandate to answer the questions on the discharge of its functions in the matters surrounding the Eurobond Saga.

“It is not clear which words uttered by Raila concerning Nyaoga and how he has been defamed, “said Mwangi in a response document issued on January 15, 2016.

According to Mwangi, it is also not clear whether Nyaoga by saying that he was not involved in that “saga” the Chair is denying his roles as the Chairman of the Board of Directors of (CBK) and also denying that there are duties placed on him by the constitution.

Raila in Response adds that as long as Nyaoga is in that office he still remains as “person of interest” In the Eurobond Saga.

In the letter addressed to Nyaoga’s legal team on Wednesday, Mwangi said Nyaoga was a “person of interest” in regards to the Eurobond saga questioning how the term is tantamount to defamation.

“It is not clear whether your client, by denying that he is a person of interest to the Eurobond saga is denying that there is authority that is bestowed on him by the Central Bank of Kenya Act and similarly denying that there are duties placed on him by the Constitution of Kenya, the Public Officer Ethics and the said Central Bank of Kenya.”

“It is unbelievable that in this day and age your client can contemplate legal proceedings from which he confidently expect a judicial outcome that would absolve him from all obligations placed on him by the Constitution and the Law.”

Mwangi said that Nyaoga’s mentioning, in Odinga’s presentation on the Eurobond saga last Friday, was attributed to the fact that he was the chair of CBK when the issue of Eurobond arose.

“For close to half a year now, this nation has been in the midst of a controversy regarding the handling of a Sovereign Bond taken out by the National Treasury for and on behalf of the Republic of Kenya.”

Cord leader Raila Odinga has asked not to appear before Public Accounts Committee on Monday to shed more light on the Eurobond saga.

He has written to the Clerk of National Assembly saying he will wait for special audit of the 2014/15 financial year, which addresses the Eurobond issue.

“My appearance when the committee is looking into 2013/14 FY will not help it address the Eurobond issue,” Mr Odinga said.