He argued also that when he told the parliamentary committee that the hotel had not been sold when there was a sale agreement, he did not lie because the transfer was not complete.
The two arguments are false and incorrect. His definition of corruption to mean exchange of money only and sale agreement to mean the completion of a transfer are self-serving and misled the nation.
It is tragic that we had a minister for Finance who did not understand the basic meanings of core issues of a democratic and capitalist society. Sale transactions and corruption are the twin issues that decide if a nation-state will grow up or self-destruct.
Corruption is all-encompassing and refers to all that arises from abuse and misuse of office to gain an advantage, whether pecuniary or in kind.
Corruption is said to be that which negates good moral principles and induces depravity and decay of integrity. Criminal law defines corruption as … depravity or gross impropriety.
In all its facets, corruption includes money bribery, extortion, cronyism, nepotism, patronage, graft and embezzlement. In enacting the Anti-Corruption and Economic Crimes Act, 2003, (Economic Crimes Act) and the Public Officers Ethics Act, 2003, (Ethics Act), these definitions ought to be captured. President Kibaki assented to both Acts on April 30, 2003.
In the Economic Crimes Act, corruption is defined as including, but not limited, to bribery, fraud, embezzlement, abuse of office, breach of trust and dishonesty.
In the Ethics Act, abuse of office is said to cover, but is not limited to, improper enrichment, conflict of interests, furthering of interests of foreigners to Kenya's disadvantage, political partisanship in public affairs, nepotism, giving of false or misleading information and tax avoidance. Pray, I ask, why did Mr Amos Kimunya restrict corruption to bribery?
Mr Kimunya then had the audacity to add that because the Libyan traders had only signed the sale agreement, Grand Regency had not been sold.
I am shocked that we pay Mr Amos Wako as the president's principal legal adviser and Mr Kimunya could not seek Mr Wako's basic advice on what sale agreement meant. I will do so at no fee.
In law, a valid and binding agreement is that which satisfies four essentials  two or more parties to it; the parties be ad idem on what they are entering into, the parties have full capacity to contract and one party derives a benefit.
When the Libyan traders entered into the sale agreement and paid a deposit, the sale was complete. The completion of the transfer at the lands department was a mere administrative act.
Grand Regency stands on land that is registered under the Registration of Titles Act, Cap 281. Under this Act, a bank can sell mortgaged property by public auction or private treaty. The Central Bank correctly and lawfully chose to sell the hotel by private treaty. In so doing, it had to act in utmost good faith and as a trustee of public property.
However, in the sale, with the Libyan traders masquerading as the Libyan government without inviting other bidders, CBK abused its public trust. Mr Kimunya compounded the transgressions by denying the sale.
Parliament and its committees are the third part of a country claiming to be a civilised democracy. Because it is the ultimate and sole legislative authority in a country, the integrity and importance of parliament should and can never be denigrated.
When Mr Kimunya brazenly misled the parliamentary committee investigating the sale and defended it in Parliament, he showed that he is unfit to serve in a public office.
Parliament does its legislative and oversight work in the general sitting of the House and through its committees. Our parliament conducts its business by the authority of the National Assembly (Powers & Privileges) Act, Cap 6, its standing orders and tradition and cultures of parliaments of other democracies.
The Speaker is the guardian and patron of parliamentary privileges and powers. If the rules and traditions of Parliament and its committees cannot be respected, then the basis of our democracy is imperiled.
It is when our public officers, the president included, respect the parliamentary traditions and rules that we can begin building firm pillars for our country. – Saturday Nation
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