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NSSF ex-manager, stock brokers convicted in Sh1.4bn fraud case

NSSF building Nairobi

The NSSF building in Nairobi. 

Photo credit: File | Nation Media Group

What you need to know:

  • They were charged more than a decade ago with among others offences, irregularly trading in shares through DSL, a crime they committed between 2004 and 2007. 
  • They committed the offences by claiming to have purchased various quantities of shares even though no shares had been purchased.

A former National Social Security Fund (NSSF) investment manager and ex-stock brokers have been found guilty of conspiracy to defraud the Fund of Sh1.4 billion more than a decade ago.

Mr Francis Zuriels Moturi (former NSSF investment manager), Mr David Ndirangu and officials of Discount Securities Ltd (DSL) including Mr Wilfred Mungoro (Finance director) and Isaac Nyakundi were found guilty of conspiracy to steal from NSSF through purchase of shares.