Kenya’s finance minister denies corruption, but market uneasy about power vacuum

Nairobi — Kenyan finance minister Henry Rotich pleaded not guilty on Tuesday to corruption charges over the award of two dam tenders in an unprecedented move against a sitting minister in a country notorious for graft.

Kenya also charged a director of the company, Paolo Porcelli, in absentia with conspiracy to defraud the country. Kenya will seek his extradition from Italy, director of public prosecutions Noordin Haji said on Tuesday. The two dams were budgeted to cost 46-billion shillings but the treasury borrowed 63-billion instead, Haji said on Monday, needlessly ratcheting up Kenya's ballooning public debt, which stands at about 55% of GDP.

The coalition was “openly divided” between Kikuyu supporters of President Uhuru Kenyatta and Kalenjin supporters of Vice-President William Ruto, he said. Rotich is a Kalenjin. Ruto has made clear he expects the coalition's nomination for the presidency in the 2022 elections, when Kenyatta will have to step down due to term limits.

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