SIX TO DEFEND THEMSELVES IN THE LOSS OF SH1.2 BILLION AT NSSF. COURT RULE THEY HAVE CASE TO ANSWER.

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BY NT CORRESPONDENT.

Six accused persons among them three former National Social Security Fund (NSSF) senior officials have a case to answer over loss of Sh1.2 billion belonging to the fund.

The six, were accused of irregularly trading in shares through stock broker Discount Securities between 2004 and 2007.

Senior principal magistrate Lawrence Mugambi also ruled that three officials of a broker, among them executive director David Githaiga have a case to answer.

The court ruled that James Akoya, former Deputy Managing Trustee of NSSF, Francis Zuriels Moturi former Investment Manager NSSF, Githaiga, Wilfred Weru- Finance Director at the broker, Isaac Nyamongo- Investment Manager and Mary Ndirangu – a former Internal Audit Manager NSSF should defend themselves.

The six are charged with fraudulent disposal of public property, fraudulently making payment from public revenue, wilful failure to comply with the applicable procedures and guidelines relating to procurement of property and fraudulent acquisition of public property.

They have also been charged with conspiracy to defraud, deceiving a principal, stealing by agent and neglect of official duty.

Seven people had initially been charged but William Githaiga Murungu died before the case was concluded. Other than Discount Securities Limited another firm Orchard Estates Limited are also charged over the loss of funds at NSSF.

The six are accused of making claims for shares not purchased. During the hearing, the court heard that the broker would write to NSSF claiming that they have purchased specific quantity of shares.

They would then request to be paid specific amount as per the orders from NSSF in respect of the purchases. But upon checking NSE reference numbers with information from Central Depository and Settlement Corporation, it was discovered that there were no purchase were made of there were less quantity.

The defense hearing is slated for May 27, 2019.

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