Dec 9, 2021

Mawazo Writing Africa

Writing about the main

MPs order valuation of Bomas of Kenya assets

Bomas of Kenya has not valued its assets for the past 22 years, raising concerns about the accuracy of the figures in its accounting books.

The Public Investment Committee has been informed that the agency has recently completed a Valuation of its assets at the time reported a value of Sh2.3 billion.

This violates the law that requires government agencies to evaluate their property, plant and equipment every five years.

The PIC has therefore instructed management to conduct the assessment and submit a report within 60 days.

The anomaly was reported by Auditor General Nancy Gathungu.

“In the absence of the reassessment report i the accuracy of 2.3 billion Sh. as the value of the assets of Bomas of Kenya as stated by management in the fiscal year 2018-19 audit, “said Gathungu.

She said a lot has changed dramatically in the two decades.

PIC says, under the circumstances, the company’s assets are being seized or sold by persons who may take advantage of the lack of a proper valuation report.

Wajir North MP Abdisalan Ibrahim said “22 years is a long time for a taxpayer-funded public entity not to know the value of its assets.

When she appeared before the committee on Wednesday, Peter Gitaa, Bomas chief executive officer, said that the Ministry of Tourism caused the evaluation delay.

“The Ministry has kept the title deed. Without the title deed we cannot proceed with the assessment, ”he said.

Gathungu said the original title deed was handed over to the ministry in 2017 and has yet to be handed over to the management of Bomas.

< p> “The Ministry’s failure to deliver the title deed to Bomas of Kenya has hampered the implementation of the planned activities,” she said.

Issued by Kiilu Damaris