There has been a public outcry on the massive corruption being witnessed under the dispensation of the Jubilee government following the recent allegations that over Sh 180M from the Youth Enterprise Development Fund was embezzled.
At the center of the investigations is the unapproved transfer of 180 million shillings from the fund without proper authorization, which has forced the the board led by Chairman Bruce Odhiambo to initiate investigations with the bank fraud unit.
“Our audit committee has realized that some of the funds that we moved from one of our banking institutions without knowledge or directions from the board, “said Bruce Odhiambo
The money is reported to have been stolen between February and April 2015, a scandal that has left the youth fund CEO Catherine Namuye and finance manager Benedict Atavachi suspended in order to pave way for investigations.
On February 11, Sh115, 710,000 was transferred from the accounts of Youth Fund to a bank account belonging to Quondum Ltd in a local bank. The amounts were allegedly for unspecified supplies.
The Banking Fraud Unit also flagged Sh65, 718,946 on April 27, 2015, which was wired to the same bank account belonging to Quondum Ltd
The YEF was established in 2006 with the sole purpose of reducing unemployment among the youth who account for over 61% of the unemployed in the country. The target of the fund is young people within the age bracket of 18 to 35 years who number 13 million.
The fund falls under the ministry of devolution headed by Cs Waiguru, who has been on the spot following the sh 800 billion corruption scandal facing the National Youth Service (NYS).