Six have case to answer in NSSF Sh 1.2 billion scandal


Court has found six people, among them three former National Social Security Fund officials have a case to answer over the loss of Sh 1.2 billion of pension funds.

The other three are officials of a brokerage firm, Discount Securities Limited which was contracted to purchase shares for NSSF.

NSSF officials are Deputy Managing Trustee James Akoya, former Investment Manager Francis Zuriels Moturi and former Internal Audit Manager Mary Ndirangu.

The money was lost through irregular trading of shares through discount securities between 2004 and 2007.

The others are managing Director Discount Securities Limited David Githaiga, Finance Director Wilfred Weru and investment Manager Isaac Nyamongo.

They were charged in 2010 with wilful failure to comply with the applicable procedures and guidelines relating to procurement of property, neglect of official duty by a public officer contrary to the law, Fraudulent acquisition of public property, conspiracy to defraud among others.

Their advocates intends to appeal the decision despite the court declining to set aside it’s findings.

Trial magistrate Lawrence Mugambi set the defense hearing for 27th May.