CONTACTS: +254 726879488 (Mobile)
+254770 455 116 (Office)
Kenya’s Treasury has raised 66 billion shillings ($650.89 million) out of a target of 78 billion in dividends and retained earnings from state corporations, the acting finance minister said on Wednesday.
Ukur Yatani said state companies had not been remitting their dividends at the end of every financial year as required by law, denying domestic reports that the move to take the cash would starve the banking sector of liquidity.
“These are just surplus funds. Their operational accounts and all other matters have not been touched,” he told Reuters, adding that the extra cash would be spent on development projects.
Source: Reuters