De La Rue disputes claims on Sh1.9bn loss

The company at the centre of the money printing controversy, De La Rue, has denied that the country lost Sh1.8 billion through a change of contract.

The Public Accounts Committee on Wednesday tabled a report in Parliament that claimed that the country had lost the money after a contract to print new generation notes was cancelled and replaced with interim orders for periodic replacement of worn-out notes.

The committee has recommended that former Finance minister Amos Kimunya, now Transport minister, and the Central Bank governor Njuguna Ndung’u be sacked as a result of the alledged loss.

But in a statement to media houses on Thursday, De La Rue said the terms of the two contracts were different, adding that production of new generation notes would have cost the country five times more than was incurred through replacement of notes.

Meanwhile, the Central Bank on Friday dismissed recommendations for corruption investigations against Mr Kimunya and Central Bank Governor Njuguna Ndung’u as lacking basis.