Nairobi — Kenya’s main opposition party cautioned transaction advisers and potential foreign investors against participating in the nation’s next Eurobond offer as the party revived allegations that almost $1bn from a sale of the securities in 2014 remain unaccounted for. "We caution the international markets that the government of the Republic of Kenya needs to account completely for the net proceeds of the Eurobond prior to the issuance of any new international sovereign bond," Raila Odinga, the leader of the Coalition for Reforms and Democracy, said. Odinga, a former Kenyan prime minister, first alleged in 2015 that some of the proceeds from the sale of $2.82bn of Eurobonds two years ago were misappropriated. In May, the director of public prosecutions declined to investigate the allegations, citing a lack of evidence. The government has repeatedly denied any wrongdoing and said the funds were used to pay off a $600m syndicated loan, finance road, rail and port construction and e...
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