July 22, 2019 / 9:25 AM / 2 months ago

Kenya dollar bonds slip after finance minister to be arrested and charged over graft

LONDON, July 22 (Reuters) - Kenya’s sovereign dollar bonds fell on Monday after the chief prosecutor announced that Finance Minister Henry Rotich will be arrested and charged over corruption in an unprecedented event for a sitting minister in a country notorious for graft.

Bonds maturing in 2028, 2032 and 2048 slipped around 0.5 cents in the dollar, according to data by Tradeweb.

The charges against Rotich stem from a police investigation into the misuse of funds in a dam project overseen by the Italian construction company CMC Di Ravenna. Rotich denied any wrongdoing in a large newspaper advertisement in March. The company has also denied any wrongdoing. (Reporting by Karin Strohecker; Editing by Tom Arnold)

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