upepo
Elder Lister
NAIROBI, Kenya, Jan 28 – A former manager at the National Social Security Fund (NSSF) Francis Moturi has been convicted in a Sh1.6 billon fraud case. Trial Magistrate Lawrence Mugambi also convicted a Former investments manager at Discount Securities Limited (DSL) Isack Nyakundi, Wilfred Munyoro and David Githaiga.
Mugambi also convicted Discount Securities Limited.
The Magistrate said the prosecution proved its case in which they are accused of defrauding NSSF Ksh.1.6 billion by buying non-existent shares between August 2002 and July 2007 beyond reasonable doubt. He said the crime was a well-orchestrated fraud as there was misleading information sent to NSSF under the hands of the accused persons that led to the loss of the monies. He stated that NSSF paid for shares worth Sh1.4 that were never procured by DSL.
NSSF portfolio allocation
The court noted that even after the payments were done, Moturi never bothered to counter check the claims adding that the loss went on for a period of four years and was only known after he was replaced. It was also the court’s finding that Nyakundi was aware and had knowledge of what was going on, thus concluding that the irregularities were not coincidental but intentional. The Magistrate also noted that Murungu, Munyoro together with Nyakundi, sent false information to NSSF and the fund acted on the information. The Magistrate in his lengthy judgement however acquitted Mary Ndirangu, former internal audit manager and James Akoya former finance Manager at NSSF. Sentencing is now due on Monday next week.
NSSF asset classes in 2020
Mugambi also convicted Discount Securities Limited.
The Magistrate said the prosecution proved its case in which they are accused of defrauding NSSF Ksh.1.6 billion by buying non-existent shares between August 2002 and July 2007 beyond reasonable doubt. He said the crime was a well-orchestrated fraud as there was misleading information sent to NSSF under the hands of the accused persons that led to the loss of the monies. He stated that NSSF paid for shares worth Sh1.4 that were never procured by DSL.
NSSF portfolio allocation
The court noted that even after the payments were done, Moturi never bothered to counter check the claims adding that the loss went on for a period of four years and was only known after he was replaced. It was also the court’s finding that Nyakundi was aware and had knowledge of what was going on, thus concluding that the irregularities were not coincidental but intentional. The Magistrate also noted that Murungu, Munyoro together with Nyakundi, sent false information to NSSF and the fund acted on the information. The Magistrate in his lengthy judgement however acquitted Mary Ndirangu, former internal audit manager and James Akoya former finance Manager at NSSF. Sentencing is now due on Monday next week.
NSSF asset classes in 2020
