Prof Ndung'u further stated that the commission of enquiry that was formed by President Kibaki found that the sale was appropriately done.
"The whole issue was how was it appropriately done? According to that commission, it valued the hotel at Sh1.8b, the CBK valued it at Sh2.2b, and CBK sold it at Sh2.8b. The difference between Sh2.8b and Sh3.114b is because of the retained earnings during the operations. In a sense, it was value for money and that was what the commission was supposed to establish," said Njuguna.
The economist who is worth slightly short of a billion shillings did not stop there.
"With all due respect, I've been a victim of abuse of the criminal justice system. The whole idea was to get Njuguna Ndung'u out of the Central Bank of Kenya. I would like to invite people to read the judgment and report by the commission of enquiry into the sale of The Grand Regency. It is something that we have to rethink and correct from the beginning," said Prof Njuguna.
Kimani Ichung'wah sought to find out the verdict of the integrity issues raised against Njuguna.
"It was very clear that CEOs are not involved in procurement. Their role is only to appoint the procurement committee. That matter went all the way to the Court of Appeal and they showed that the problem was with the committee of the Central Bank of Kenya and I was vindicated.
On the grand regency issue, the government position was that the proceeds would be invested. My role was very clear as an agent that I had no role in procurement," said Njuguna.
If approved by Parliament, Njuguna Ndung'u will take over from Ukur Yatani.