Former Cabinet minister Nicholas Biwott and his companies owe tax payers more than Sh25 billion, the Goldenberg inquiry was told yesterday.The staggering amount, which lumps together the principal amounts and the interest, was arrived at by the liquidation agent for collapsed Trade Bank Daniel Ng’atuny, based on records from the archives of the collapsed bank.Mr Biwott, the Kanu MP for Keiyo South, together with HZ Group of companies received the money on diverse dates in the 1990s.
Part of the amount was used in the construction of Yaya Centre in Hurlingham, Nairobi, the witness, under cross-examination by lawyer Cecil Miller said.Documents before the commission show that Sh600 million had been lent to an ailing Trade Bank in early 1992 to save it from collapse.Former Cabinet minister Nicholas Biwott and his companies owe tax payers more than Sh25 billion, the Goldenberg inquiry was told yesterday.
The staggering amount, which lumps together the principal amounts and the interest, was arrived at by the liquidation agent for collapsed Trade Bank Daniel Ng’atuny, based on records from the archives of the collapsed bank.Mr Biwott, the Kanu MP for Keiyo South, together with HZ Group of companies received the money on diverse dates in the 1990s.
Part of the amount was used in the construction of Yaya Centre in Hurlingham, Nairobi, the witness, under cross-examination by lawyer Cecil Miller said.Documents before the commission show that Sh600 million had been lent to an ailing Trade Bank in early 1992 to save it from collapse.
