Ex-NSSF boss slapped with 2-year jail term or Ksh.2 billion fine

Ex-NSSF boss slapped 2-year jail term or pay Ksh.2 billion fine

National Social Security Fund (NSSF) investment manager Francis Zuriels Moturi was found guilty of fraud that led to the loss of Ksh.1.2 billion over a decade ago.

Zurieels together with his three counterparts, former executive director of DSL, David Ndirangu , Issac Nyakundi , a former investment manager DSL and Wilfred Mungoro , former director of DSL  are required to pay a total fine of Ksh.8.4 billion or equally serve a 14-year jail term.

The anti-corruption chief magistrate Lawrence Mugambi said that the four worked together to defraud the NSSF through the purchase of ghost shared between 2004 and 2007.

Moturi was found guilty of two counts; conspiracy to defraud and deceiving his employer.

NSSF has been directed to recover Ksh.4.8 billion from the statutory manager of the funds after it was placed under liquidation.

The anti-corruption and economic crimes act imposes a mandatory fine of twice the amount one benefits from.

The court also ordered the four not to hold any public office for the next 10 years in case they pay the fine.

They all have 10 days to appeal the ruling

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