The Supreme Court has dismissed a bid by Cytonn Investments founders Edwin Dande, Pateicia Wanjama, and Elizabeth Nkukuu to stop their arrest and prosecution over the alleged theft of Sh. 1 billion at Britam.
The three had lodged their appeal at the Supreme Court following consecutive losses in the lower courts over the arrest and prosecution for the funds lost by their former employer Britam.
Britam had accused the three of defrauding it the money in 2014. According to the Supreme Court ruling, the three have been asked to face the legal process at the Chief Magistrate’s court for a determination of their innocence or guilt.
Before their resignations from Britam, Dande was Britam’s Managing Director, while Nkukuu was the Senior Portfolio Manager, Wanjama was the Head of Legal (Services) and Assistant Company Secretary. The three immediately founded Cytonn Investments after leaving Britam.
In the criminal case instituted on November 4, 2016 the trio face two counts related to theft by servant.
They are accused of stealing sums of Sh. 1,161,465,388 and Sh. 10,132,368 being the property of Britam, their previous employer.
How KRA has simplified process of filing returns this year
Britam had stated that from the investigations, it was noted that instructions for payment of the funds was generated by one of their colleagues Shiv Arora, reviewed by Wanjama and approved by Dande.
These monies were thereafter disbursed into various unauthorized accounts, said Britam.
It added that specimen signatures confirmed that they belonged to the four and further that they thereafter immediately resigned from the employment in a calculated move to frustrate investigations.
However, Dande and his colleagues had daid that Britam, being unhappy with their mass resignations from its employment, had looked for ways to ruin their blossoming careers and growing business elsewhere.
But Britam added that it had made a complaint to the Directorate of Criminal Investigations (DCI) alleging that the sums of money had been fraudulently misappropriated by the four ex-employees between September 1, 2014 and July 31, 2014 from its Real Estate Fund.
