A Nairobi Court has jailed former Insurance Company of East Africa (ICEA) manager Lincolin Kivuti Njeru for nine years for stealing Sh62.8m.
Last week, the court found Mr Njeru guilty of stealing more than Sh62.7 million from his employer through collapsed Nyaga Stockbrokers.
Milimani Law Courts chief magistrate Francis Andayi said Njeru, stole the money, dismissing his defence that “it was an investment loss.”
Mr Andayi said that from the audit reports, evidence by the prosecution and the chain of cash transactions, it’s clear Njeru stole the millions.
Mr Njeru, 58, received the Sh62.7 million through Nyaga stockbrokers for sale of ICEA share investments and channelled the proceeds to his personal accounts.
The millions were supposed to be wired to the insurance firm’s accounts, but Mr Njeru who was then an investment manager at the firm said the cash got lost through erosion of share value at the Nairobi bourse.
Mr Andayi said the accused could not explain the source of the millions of shillings he held in his bank accounts.
The magistrate ruled that Mr Njeru was guilty of stealing Sh62,704,835.60 from ICEA.
The court said the money deposited in the accounts of ICEA were withdrawn and deposited into the personal account of Mr Njeru.
The offence took place between January 17, 2003 and September 20, 2005.