MPs Flag Missing KSh 1.4 Billion in Publicly Funded Fisheries Project

An audit revealed billions in missing funds at the corporation, with lawmakers now challenging the firm's leadership over weak financial oversight...

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The Kenyan Parliament's Public Investments Committee has raised concerns about potential money laundering, flagging a Ksh 1.4 billion financial discrepancy at the Kenya Fishing Industries Corporation (KFIC).

A Ksh 1.4 billion discrepancy where funds for a project were not recorded in KFIC's financial statements, with payment trails unverified.
The Public Investments Committee on Social Services, Administration and Agriculture (PIC-SSAA), led by Chair Emmanuel Wangwe, is investigating.
The committee is also questioning unauthorised overspending on board expenses and the disbursement of funds to KFIC despite lacking clear operational structures.

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