ANC leader Musalia Mudavadi over the weekend raised a number of controversies regarding the projects that have been halted in Rift Valley siting corruption.
An Italian firm contracted by the national government to construct the multibillion Itare Dam within Nakuru County has denied claims that it is broke.
In a statement to newsrooms, CMC di Ravenna said that neither itself nor its subsidiaries have been declared bankrupt or insolvent.
“CMC has voluntarily engaged in a composition with creditors procedure to ensure it safeguards the interests of all stakeholders (creditors, investors, clients and co-operative employees),” the statement read.
“CMC di Ravenna continues to be fully committed to completing the dam project ahead of or within the contracted time frame.”
But the firm attributed the slow work pace to delays in receipt of payments.
According to the company, as at November 2018 its forward order book amounted to £4.7 billion, a process initiated by CMC board to ensure full transparency and financial compliance.
Contracted to complete the dam by 2021, the firm said 30 percent of the works already finished in the project that started in April 2017.
The firm said it will resume operations in March following the temporary suspension.