Four ex-NSSF officials found guilty of Ksh.1.6 billion fraud
Francis Moturi Zuriels (former NSFF investment manager), Isack Nyakundi Nyamongo (former Investments Manager at Discount Securities Limited), Wilfred Munyoro and David Githaiga. Also convicted is Discount Securities Limited.
They are accused of defrauding NSSF Ksh.1.6 billion by buying non-existent shares between August 2002 and July 2007.
The four together with the company will be sentenced on Monday next week.
The court noted that even after the payments were done, Zuriels never bothered to counter check the claims adding that the loss went on for a period of four years and was only known after he was replaced.
It was also the court's finding that Isaac Nyakundi was aware and had knowledge of what was going on, thus concluding that the irregularities were not coincidental but intentional.
Trial Magistrate Lawrence Mugambi also noted that David Murungu Githaiga, Wilfred Munyoro Weru, Isaac Nyakundi, sent false information to NSSF and NSSF acted on the information.