The former Managing Director of National Social Security Fund, David Chandi Jamwa has been found guilty of causing financial loss of 3 billion shillings to NSSF.
Jamwa now faces the possibility of a 14 years sentence or fine of 6.7 million shillings or both, but he will be a happier man given that he was acquitted of the major charge.
David Jamwa Chandi after arrest
Justice John Bosco Katutsi of the Anti Corruption Court who has been presiding of the trial of Jamwa’s case, found the former manager guilty of selling NSS bonds before the maturity date.
Katutsi said that Jamwa is a man well schooled in investment in treasury bonds, and to say that he was not aware that his actions would result into loss to NSSF would be to underestimate his intelligence.
The Judge however acquitted Jamwa of abuse of office. Katusi said prosecution failed to prove beyond reasonable doubt that Jamwa did an arbitrary act which was prejudicial to the interest of the Fund when he gave Crane Bank the mandate to sell NSSF’s bonds.
He ruled that the bonds were sold through a process which was approved by then Minister of Finance Dr. Ezra Suruma who agreed the bonds be sold in order to work on the new proposal to increase the yield of the Fund.
“From their evidence for one to turn round and say the accused person acted arbitrary would be a terrible assault of common sense. I would with respect and in agreement with assessors find accused person not guilty on this count and acquit him,” the Judge said.
Sydney Asubo, the prosecutor from the the Inspector General of Government (IGG) told Court that between September and November 2007 Jamwa caused a financial loss of 13 billion shillings to NSSF by selling bonds before their maturity.
Jamwa was sent to prison until March 9 when he re-appears in Court for sentencing.