Home TRENDING Four former managers of NSSF and Discount Securities Ltd found guilty of...

Four former managers of NSSF and Discount Securities Ltd found guilty of stealing Sh1.2b from the fund

Four people have been penalised a total of Sh8.4 billion over a Sh1.2 billion loss at the National Social Security Fund (NSSF) over a decade ago, including a former NSSF investment manager and officials of a collapsed stock trading firm.

If Francis Zuriels Moturi, a former investment manager of the NSSF, does not pay a fine of Sh2.4 billion, he would be sentenced to 14 years in prison. The sum is more than double the amount lost by the NSSF between 2004 and 2007.

David Ndirangu, the former executive director of Discount Securities Ltd (DSL), Wilfred Mungoro Weru, the former finance director of DSL, and Isaac Nyakundi, the firm’s former investments manager, were all forced to pay a total fine of Sh1.2 billion in order to avoid going to prison.

If they do not pay the fee, they will be sentenced to 14 years in prison.
After the fund was placed in liquidation, the court ordered the NSSF to reclaim Sh4.8 billion from the statutory manager.Anti-corruption chief magistrate Lawrence Mugambi said the four conspired to defraud the NSSF through DSL through the purchase of ghost shares.

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