The National Oil Corporation of Kenya (Nock) has now joined the growing list of State corporations and departments that are on the radar of the Directorate of Criminal Investigations (DCI) after an alleged theft of Sh100 million of oil products.
NOCK CEO MaryJane Mwangi, who was appearing before the National Assembly Energy Committee on Friday revealed that the theft was flagged by audit firm KPMG following scrutiny of the oil agency’s accounting books.
The revelation comes even as it emerged that Nock could be on its knees financially owing to the large sums of money owed by other Government institutions.
Ms Mwangi told the committee that the corporation was facing financial dtruggles as it is under-capitalised and relying heavily on financing through borrowing to sustain its operations.
She further mentioned that NOCK for instance was owed Sh1.1 billion by key State agencies, including Kenya Ports Authority and Parliament.