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Defaulting EAPCC, Tarda cost taxpayers Sh661m

The State guaranteed Sh1 billion loan from Japan Telecoms Engineering in 1989 for the expansion of the broadcaster. FILE PHOTO | NMG

By  John Mutua

Business Reporter

Nation Media Group

Taxpayers have lost Sh661.2 million in a bailout of two cash-strapped parastatals in the quarter ended March, documents tabled in Parliament.

The quarterly economic and budgetary report shows that Treasury paid Sh365.4 million in guaranteed debt for East African Portland Cement Company (EAPCC) and Sh295.81 million for the Tana and Athi River Development Authority (Tarda).

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Note: The results are not exact but very close to the actual.

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