The National Oil Corporation of Kenya (NOCK) has been declared “technically insolvent” by a parliamentary watchdog committee, which has now ordered a special audit into the agency’s operations.
According to the National Assembly’s Public Investments Committee on Commercial Affairs and Energy, NOCK is unable to meet its recurrent expenditures, owes over Sh7.4 billion in debt, and is at risk of defaulting on loans from major banks.
…