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Former NSSF Director Sentenced to 14 Years in Prison for Fraud Francis Zuriel Moturi, former chief investment officer of the National Social Security Fund (NSSF), has been sentenced to 14 years in prison or a fine of Ksh. 2 billion for deception.
According to the Office of the Director of Public Prosecutions (ODPP), Moturi was convicted after being charged with conspiracy to defraud and deceive.
The statement also said that the former NSSF director forwarded several internal memos to the fund’s managing director, misleading them by claiming that the fund’s stockbrokers, Discount Securities Limited, had purchased various quantities of shares.
Furthermore, the High Court was informed that these shares were allegedly purchased in Kenya Commercial Bank, Standard Chartered Bank, Bamburi Portland Cement Company Limited and KenGen.
Other shares were allegedly purchased in the Nation Media Group on the National Stock Exchange for the NSSF. It was later determined that no shares were purchased.
“In a case prosecuted by legal counsel Kanana Kimiri and Annette Wangia, Moturi was convicted on two counts: conspiracy to defraud, pursuant to section 317 of the Penal Code, and deceiving the principal, pursuant to section 41(2) read with section 48 of the Economic Crimes and Corruption Act,” the statement read in part.
Other officials sentenced by High Court alongside former NSSF director
Although Moturi challenged the court’s decision, Judge Nixon Sifuna ruled that there was sufficient evidence to uphold the convictions.
Meanwhile, David Murungu, Executive Director of Discount Securities Limited (DSL), Isaac Nyakundi Nyamongo, DSL Chief Financial Officer, and Wilfred Munyoro Weru, DSL Chief Investment Officer, were convicted for their involvement in the case.
They were each fined Ksh.1 million and, in default, sentenced to two years’ imprisonment for the offence of conspiracy to defraud, under Section 317 of the Penal Code.
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