Audit Report Shows Uhuru's Jubilee Party is Bankrupt

President Kenyatta’s Jubilee Party is ‘technically bankrupt’, the latest audit report has revealed.

The Auditor-General’s report covering the financial year ending June 30th, 2018, indicates that the party has been operating on negative capital as its liabilities exceed its assets.

“As of June 30, 2018, the current liabilities at Ksh133,558,229 exceeded the assets at Ksh67,278,244 by Ksh 66,279,985 hence, the party was operating on negative capital,” the report reads as quoted by People Daily.

The report adds that the governing party is relying on donations from well-wishers in what exposes blatant mismanagement of its finances.

“In the circumstances, the continued existence of the party is dependent on continued financial support from creditors, bankers, and well-wishers,” the report concludes.

The report is said to be the genesis of wrangles pitting a faction supporting President Kenyatta and those allied to Deputy President William Ruto over the use of party’s funds.

The party’s deputy secretary-general Caleb Kositany recently wrote a letter to Jubilee secretary-general Raphael Tuju seeking information on how funds, including Sh10,000 monthly contributions made by governors, senators, MPs, and MCAs, were being utilized.

Kositany particularly wants to be furnished with financial records for fiscal years 2016/2017, 2017/2018, 2018/2019, and 2019/2020.

“As a contributor and a person who pays taxes I have a right to know exactly how the money is being utilized,” said Kositany, an ally of DP Ruto.

“Share all approved financial records, reports, and all committee minutes for the years in question, certified bank statements for all Jubilee bank accounts for the same financial years, including all cash books.”

Kositany claimed that the party was spending Sh5 million on rent per month and Sh7 million on tea and snacks.