Former National Social Security Fund investment manager Francis Zuriel Moturi has been fined 2.4 billion shillings or serve 12 years in prison for defrauding the pension fund.
Three other former employees of NSSF, David Murungu Githaiga, Isaac Nyakundi Nyamongo and Wilfred Weru have also been fined 803 million shillings each or 12 years in prison. The Discount Securities Limited will pay a fine of 4 billion shillings.
The four NSSF officers who had been convicted on different counts after being found culpable of the loss of pensioners fund amounting to 1.2 billion shillings have been sentenced by Chief Magistrate Lawrence Mugambi. Former investment manager National Social Security Fund Francis Zuriel Moturi who is said to be turning 72 years old will have to pay a mandatory fine of 2.4 billion shillings and in default serve 12 years.
His counterparts David Murungu Githaiga, Isaac Nyakundi Nyamongo and Wilfred Weru will pay a fine of 803 million shillings each and in default serve 12 years in prison. The Discount Securities Limited will pay a fine of 4 billion.
The accused were convicted and sentenced on separate offences among them deceiving principal, failure to comply with applicable procedures and guidelines relating to procurement of property, neglect of official duty by public officer’s contrary to the law, fraudulent acquisitions of public property and conspiracy to defraud.
Earlier in the day, an application to have Francis Zuriel Moturi who is 71 years and believed to be ailing taken for medical check-up before mitigation and sentencing was dismissed. They now have 14 days to appeal against the sentencing.
