High Court Affirms Verdict Against Former NSSF Boss

The High Court has upheld the conviction of Francis Moturi, the former NSSF Investment Manager, who was found guilty of embezzling Ksh1.2 billion in pension funds. Moturi, pictured above, had appealed the ruling of the Anti-Corruption Chief Magistrates’ Court in 2022, which sentenced him to 14 years in prison and imposed a mandatory fine of Ksh2.4 billion.

Judgment Upheld by Justice Nickson Sifuna

In a significant ruling delivered on Wednesday, Justice Nickson Sifuna affirmed Moturi’s conviction and the associated sentence. The court also applied Section 64 of the Anti-Corruption and Economic Crimes Act, 2003, prohibiting Moturi from holding any future public office.

Case Background and Fraudulent Activities

The case revolved around allegations that Moturi and others fraudulently obtained Sh1.2 billion from NSSF by falsely claiming to have invested in shares of prominent companies listed on the Nairobi Stock Exchange. These companies included Kenya Commercial Bank, Barclays Bank of Kenya, and others. The investigation, initiated following a 2008 report to the Ethics and Anti-Corruption Commission (EACC), uncovered irregularities in share trading by Discount Securities Limited, resulting in substantial losses of pension funds.

Legal Proceedings and Arrests

Upon completion of the investigation, the EACC recommended the prosecution of Moturi, along with James Akoya, William Murungu, David Githaiga, Wilfred Weru, Isaac Nyamongo, Orchard Estates Limited, and Mary Ndirangu. They were arrested in 2010 and subsequently charged before the Anti-Corruption Court in Nairobi. After a protracted legal process, the court ruled on March 1, 2019, that all defendants must stand trial.

Significance of the High Court Decision

This recent ruling by the High Court marks a critical development in combating financial fraud and corruption within Kenya’s legal system, underscoring the gravity of such offenses and the stringent consequences they entail.