Former NSSF boss Francis Moturi handed 14 years in jail or pay Sh 2.4 billion in fraud case

Former National Social Security Fund (NSSF) manager Francis Moturi will serve a fourteen-year jail or pay a Sh2.4 billion fine after being found guilty of involvement in a Sh1.6 billion fraud case.

Magistrate Lawrence Mugambi convicted Moturi alongside Discount Securities Ltd officials Isack Nyakundi (former finance manager), David Githaiga (former executive director) and Wilfred Mungoro (former finance director).

Moturi was found guilty of conspiracy to defraud, deceiving principal and occasioning loss of funds. He was sentenced to two and three years consecutively for the first two counts or to pay a fine of Sh2 million for each offence.

On the third count, the court ruled that he pays a fine twice the amount lost, which totaled to Sh2.4 billion, or serve a jail term of nine years.

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His co-accused were fined Sh803 million each or serve 12 years in prison whereas discount securities limited were fined Sh4 billion failure to which its assets will be auctioned.

Pleading for leniency, Moturi's Lawyers Assa Nyakundi and Adan Mohamed, asked the court to take into account that their client suffers from hypertension, diabetes, asthma, prostate enlargement with a history of disc herniation.

The court however, rejected pleas for leniency, saying evidence proved that the four conspired to defraud the tax payer’s fund.

David Githaiga, Wilfred Weru and Isaac Nyakundi, on the other hand through their advocate, asked the court to take note that they were first-time offenders and that there was no evidence in court by the prosecution to show that they benefited from the lost funds.

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Besides conspiracy to commit fraud, Moturi, 72, had been charged with fraudulently making payment from public revenue, and unprocedural acquisition of property.

Subsequently, the court barred the four from seeking any elective office or being appointed to any public office for the next four years.

The four have fourteen days to appeal the ruling.