Connect with us

Entertainment

Two Fined Sh7.3 MILLION Each for Defrauding Kenya Re of a House Valued at Sh3 MILLION

Published

on


Ex-Heritage Insurance Manager Charles Gichane (left) and former Kenya Reinsurance Finance Director John Faustin Kinyua at the Milimani Law Courts on May 13, 2019.

Former Finance Director at Kenya Reinsurance Corporation Mr John Faustin Kinyua has been found guilty of abuse of office.

Kinyua and his co-accused, ex-Heritage Insurance Reinsurance Manager Charles Gichane, were fined Sh7.3m each for defrauding Kenya Re of a house in Embakasi’s Villa Franca estate in 2003.

Mr Kinyua is alleged to have used his office to allocate the house in Villa Franca Estate to Gichane. The house, valued at Sh3.1million in 2003, was given back to Kenya Re in February 2011.

The two suspects were found guilty of fraudulent disposal of public property. The two had also been charged with obtaining registration by false pretence.

Gichane faced a further charge of fraudulent acquisition of public property. They allegedly procured registration of Gichane as the titleholder of the land at Villa Franca by falsely pretending he had paid Sh3.2 million to Kenya Re.

The alleged offences were committed between August 19, 2003 and April 20, 2004.

Magistrate Lawrence Mugambi convicted the two to three years in jail should they fail to pay their respective fines and gave them 14 days to appeal the ruling.

“From the evidence of this case, it is clear that the two accused persons took time to plan and execute against Kenya Re Insurance, they succeeded in their mission,” Magistrate Lawrence Mugambi ruled.



Source link

Comments

comments

Facebook

Trending