Court Tells NSSF Officials Have A Case To Answer Over Irregular Trading Shares

by Mahakamani News

Six people, among them three former National Social Security Fund (NSSF) senior officials have a case to answer over loss of Ksh.1.2 billion pension funds.

The funds, belonging to NSSF were allegedly lost in irregular trading shares through discount securities in the year 2004-2007.

Three other officials also found with a case to answer are of a brokerage firm Discount Securities Limited which was contracted to purchase shares for NSSF.

The six; James Akoya – former Deputy Managing Trustee NSSF, Francis Zuriels Moturi former Investment Manager NSSF, Mary Ndirangu – former Internal Audit Manager NSSF, David Githaiga – Managing Director Discount Securities Limited, Wilfred Weru- Finance Director Discount Securities limited and Isaac Nyamongo – Investment Manager Discount Securities Limited. The six were charged in 2010.

Charges in the case include; Fraudulent disposal of public property, fraudulently making payment from public revenue, willful failure to comply with the applicable procedures and guidelines relating to procurement of property, fraudulent acquisition of public property, conspiracy to defraud, deceiving principal, stealing by agent and neglect of official duty by a public officer contrary to the law.

The Anti-Corruption Court before Magistrate Lawrence Mugambi placed the six on their defense and directed their advocates to prepare for the hearing of their defense.

Defense advocates have however indicated they will appeal the decision despite the court declining to set aside it’s findings.

In the matter, seven people were charged but one William Githaiga Murungu has since died. Two companies charged are Discount Securities Limited and Orchard Estates Limited.

The defense hearing is slated for May 27, 2019.

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