Home TRENDING FORMER NSSF manager Moturi, 5 others convicted in Sh1.6bn fraud case...

FORMER NSSF manager Moturi, 5 others convicted in Sh1.6bn fraud case as 2 others are acquitted; sentencing due Monday.

Francis Moturi, a former manager of the National Social Security Fund (NSSF), was found guilty in a Sh1.6 billion fraud case.

Isack Nyakundi, Wilfred Munyoro, and David Githaiga, former investment managers at Discount Securities Limited (DSL), were also found guilty by Trial Magistrate Lawrence Mugambi.
Discount Securities Limited was also found guilty by Mugambi.

The prosecution proved its case beyond reasonable doubt, according to the Magistrate, in which they are accused of defrauding the NSSF of Ksh.1.6 billion by purchasing non-existent shares between August 2002 and July 2007.

He described the incident as a well-planned fraud in which false information was supplied to the NSSF by the accused persons, resulting in the loss of funds.
He said that NSSF paid Sh1.4 million for shares that DSL never obtained.

The court stated that Moturi never bothered to investigate the claims after they were made, and that the loss occurred over a four-year period and was only discovered after he was replaced.

The Magistrate further stated that Murungu, Munyoro, and Nyakundi supplied fraudulent information to the NSSF, which the fund acted on. Mary Ndirangu, a former internal audit manager, and James Akoya, a former finance manager of NSSF, were acquitted by the Magistrate in his lengthy ruling.

Sentencing has been pushed back to Monday of next week

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