7/12/2008

Kenyan shuffle

Kenya's finance minister quits, at least temporarily

Kenya's finance minister has stepped aside, but insists this is only a temporary measure. A long hiatus could prove politically and economically damaging.

The Kenyan finance minister, Amos Kimunya, stepped aside on July 8th pending an investigation into the sale of the Grand Regency hotel. The hotel was sold to Libyan buyers without a public bidding process and for some US$45m, as against a recorded value of US$115m. The finance minister had insisted that he would not resign unless other politicians--including the prime minister, Raila Odinga--did likewise, but Mr Kimunya's position was judged untenable after he lost a parliamentary vote of no-confidence over the issue and a government inquiry led by the attorney-general recommended his suspension. ...



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[Source: Breaking News from WarOnYou.com - Posted by Mint Dollar- The Federal Reserves Worst NightMare]

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