Ex-NSSF Boss Jailed for 14 Years or Pay Ksh 2.6B Fine

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Ex-National Social Security Fund (NSSF) investment manager, Francis Moturi, has been slapped with a 14-year jail term or Ksh2.6 billion fine after he was found guilty of misappropriating funds in the government agency.

NSSF is responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds of employees in both the formal and informal sectors of the Kenyan Economy.

Moturi alongside three other accomplices appeared before Chief Magistrate Lawrence Mugambi to answer to the charges of loss of Ksh1.6 billion at the NSSF.

During the hearing, Moturi said that he used the money to acquire shares as NSSF was looking for a proper investment option.

However, a cross-check on Nairobi Securities Exchange and Central Depository and Settlement Corporation by the investigators revealed that the statements given by Moturi were in variance with information received by the two corporations.

Isack Nyakundi, Wilfred Munyoro, and David Githaiga, charged alongside Moturi, were employers of Discount Securities Ltd (DSL), who held managerial positions at the stocks company, were implicated in the case after the court determined that they misled NSSF with fake reports of its investments in the stock market between August 2004 and July 2007.

“Although accused were not directors of DSL, they held managerial positions that resulted in the loss of funds. Their actions were calculated. They aided the fraudulent acquisition of Ksh1.2 billion shares,” the court stated then.

The trio was directed to pay a fine of Ksh803 million or serve a jail term of 12 years.

Further, Mugambi barred the four men from vying for any elective seat or appointment to a public office for a period of four years.

The post Ex-NSSF Boss Jailed for 14 Years or Pay Ksh 2.6B Fine appeared first on LitKenya.

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