A report by the Auditor General has exposed the poor state of financial health at the Jubilee Party which is embroiled in mega debts.
The party is completely broke - Auditor General's report exposes Jubilee Party mega debts
Jubilee Party has gone broke
The details were revealed in the party's financial audit for the financial year 2017-2018 where the reported noted that the ruling coalition was “technically insolvent” with its liabilities far exceeding its assets.
The party was reported to be relying on well wishers and creditors with debts exceeding its assets by more than Sh66 million.
“The statement of financial position as at June 30, 2018, reflects current liabilities balance of Sh133,558,229 which exceeds current assets of Sh67,278,244 by Sh66,279,985 implying that the party was operating with a negative working capital, thus technically bankrupt.”
“In the circumstances, the continued existence of the party is dependent on continued financial support from creditors, bankers and well-wishers,” the report reads in part.
The financial state of the party has been the subject of tense exchanges between Party Secretary General Raphael Tuju and his deputy Caleb Kositany.
Tuju recently reprimanded Kositany for demanding party financial documents, accusing him of suffering from megalomania.
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