NAIROBI,Kenya, Jan, 31 – Former National Social Security Fund (NSSF) investment manager Francis Moturi was Monday arraigned at the Milimani Law Courts after he was found guilty of knowingly misleading the fund into making payments totalling to Sh1.4 billion through irregular trading in shares through Discount Securities Limited On Friday last week.
Appearing before before anti-corruption court magistrate Lawrence Mugambi on Monday, the accused was sentenced to 14 years in jail or pay a fine of Sh2.6 billion.
Also found guilty of conspiracy to steal from NSSF through the purchase of shares included his co-accused David Githaiga and officials of DSL including finance director Wilfred Mungoro and Isaac Nyakundi.
The court meanwhile sentenced Githaiga, Mungoro and Nyakundi to 12 years in jail or pay a fine of Sh802 million.
In the ruling, Discount Secures Limited (DSL) which is currently under liquidation was directed to pay Sh4.8 billion.
Subject to the availability of funds, they are directed to pay the money to the statutory manager.
Though free to appeal the ruling in 14 days, Mugambi said that the sentences will run consecutively.
As part of the sentence the court ruled that the accused can not be appointed or elected into public office.
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