A former investment Manager at the National Social Security Fund (NSSF) named Francis Zuriel Moturi has been sentenced to 14 years in prison or a pay a fine of Ksh2 billion for deception.
According to the Office of the Director of Public Prosecutions (ODPP), Moturi was convicted and sentenced after being charged for Conspiracy to defraud and deceive.
Also, the statement detailed that the former NSSF boss shared several internal memos to the Managing Trustee of the fund, misleading them that the fund’s stockbrokers, Discount Securities Limited, had purchased various quantities of shares.
Further, the High Court was informed that the said shares were purchased in the Kenya Commercial Bank, Standard Chartered Bank, Bamburi Portland Cement Company Limited, and KenGen.
Others were purportedly bought in Nation Media Group at the National Stock Exchange for the National Social Security Fund. Later, it was determined that no shares were bought.
“In a case prosecuted by Senior Prosecution Counsels Kanana Kimiri and Annette Wangia, Moturi was convicted and sentenced on two charges: Conspiracy to defraud, contrary to Section 317 of the Penal Code, and Deceiving Principal, contrary to Section 41(2) as read with Section 48 of the Anti-Corruption and Economic Crimes Act,” the statement read in part.
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Other Bosses Sentenced by High Court Alongside Former NSSF Boss
Although Moturi had opposed the court’s decision, Justice Nixon Sifuna ruled that there was enough evidence to sustain the convictions.
At the same time, David Murungu the Executive Director of Discount Securities Limited (DSL), Isaac Nyakundi Nyamongo the Finance Manager DSL; and Wilfred Munyoro Weru and Investments Manager DSL were sentenced for their association in the case.
Furthermore, they were each sentenced to pay a fine of Ksh1 million shillings and in default serve two years imprisonment for the offence of Conspiracy to Defraud contrary to section 317 of the Penal Code.
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Moreover, Moturi was also asked to pay a fine of Ksh1 million or serve 3 years in default.
“Mr. Murungu, Nyakundi, Munyoro and Discount Securities Limited (DSL) were separately sentenced to pay a fine of Ksh1 million or serve 3 years imprisonment in default, and a mandatory fine of Ksh800 million or serve 9 years imprisonment,
“The trial court further ordered that the sentences shall, in default of the fine, run consecutively and that none of the accused persons may be appointed to public office for the next 10 years, subject to Section 64(1) of the ACECA,” added the statement.
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