A former manager of Insurance Company East Africa (ICEA), has been jailed for three years for stealing more than Sh62.7 million from his employer.
58-year-old Lincoln Kivuti Njeru received the Sh62.7 million through Nyaga stockbrokers for sale of ICEA share investments and channeled the proceeds to his personal accounts instead of having the cash wired to the insurance firm’s accounts.
He pleaded for a non-custodial sentence, saying he regretted the theft, which was driven by “greed and a young stupid mind”.
Milimani Law Courts Chief Magistrate Francis Andayi rejected the probation report and sent Mr Njeru to jail without the option of a fine.
“From the totality of the evidence presented by the prosecution the losses experienced by ICEA were correctly linked to the accused person and not as investment losses as he purported,” the magistrate stated in his sentence.
The offence took place between January 17, 2003 and September 20, 2005. Njeru was given 14 days to appeal the sentence.
5 senior Kebs staff charged with stealing Sh26.3m
Five Kenya Bureau of Standards employees were on Monday charged with stealing Sh26.3 million from the agency.
Geoffrey Wandeto, Pauline Wamalwa, Martin Nyakiamo, Augustine Wachira and Rose Wangui were also charged with conspiracy to defraud Kebs of the money.
The five were charged with knowingly entering false statements of money received and used in the cashbook, for the Kebs account held at National Bank of Kenya’s Nkrumah Road branch in Mombasa County.
They also separately faced abuse of office charges.
The five pleaded not guilty and were each released on a Sh2 million bond with a surety of a similar amount or Sh500,000 cash bail.