East African Portland Cement factory in Athi River. The cement-maker’s debts have been settled by taxpayers. FILE PHOTO | NMG
What you need to know:
The government is now left claiming the amounts from the bailed-out firms whose financial health has worsened over the years.
Besides the Kenya Broadcasting Corporation (KBC), the other firms whose debts were settled by taxpayers include East African Portland Cement Company (EAPCC) and Tana Athi River Development Authority (Tarda).
The three companies and others have cost taxpayers billions of shillings over the years in similar bailouts, with the amount standing at a cumulative Sh4.9 billion in the past four years alone.
The Treasury spent Sh1.4 billion in the financial year ended June on settling debt owed to it by three struggling parastatals including the national broadcaster KBC.
The government is now left claiming the amounts from the bailed-out firms whose financial health has worsened over the years.
