23 C
Kenya
Thursday, October 22, 2020

I stole Sh. 62.7 million out of greed and stupidity, says ex ICEA boss

Must Read

Video: Kenyan man humiliated on a date for earning Sh. 20,000 salary

Kenyan Dates: A shocking date video has emerged online showing single women mocking a young gentleman for earning a...

Kenyan economy shrinks to negative 5.7 for first time since 2008

Kenyan Economy 2020: The economy is doing badly. Very badly. It contracted for the first time since the third...

Casual workers in urban areas suffer the economic impact of Coronavirus

Casual workers hit by Coronavirus Households which depend on casual work, generally concentrated in urban areas especially big cities, are...

On Monday this week, Lincolin Kivuti Njeru, a former senior insurance manager was sentenced to three years in jail for stealing Sh. 62.7 million from his employer. Njeru was convicted of the offence and denied the option of a fine.

The court ruled that the former Insurance Company of East Africa (ICEA) assistant general manager could not explain the source of the millions of shillings in his bank accounts. It further ruled that the 58-year-old man was guilty of stealing Sh. 62,704,835.60 from ICEA.

Following the sentence, Mr. Kivuti has now blamed his criminal act on greed and a young stupid mind. While pleading for a non-custodial sentence, Kivuti told probation officers that he regretted the theft that was carried out through the collapsed Nyaga Stockbrokers. He further said that he could have refunded the company the money if he were financially stable.

Chris Kirubi: Marriage is a form of slavery, be careful about it

The prosecution had appeared to sympathize with him and asked the court to treat him as a first offender. However, Milimani chief magistrate Francis Andayi dismissed the accused’s defense that the money “was an investment loss” and rejected a probation report seeking to have the accused given non-custodial sentence.

The magistrate said it was clear from the audit reports, the evidence tendered by the prosecution and the chain of cash transactions, that Lincolin Kivuti Njeru stole the millions. He noted the money withdrawn from HFCK, Barclays Bank of Kenya Limited and Nyaga Stock Brokers ended up in Njeru’s bank accounts. “It is quite clear that it is Njeru who stole the money and not a hard financing debt as claimed,” the magistrate said. Only Sh. 10 million out of the stolen amount was recovered.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

190,412FansLike
11,005FollowersFollow
214FollowersFollow
297SubscribersSubscribe
WhatsApp
Telegram

Latest News

DIB Bank Kenya Awarded Best Islamic Bank in Kenya at the Islamic Finance News Awards 2020

DIB Bank Kenya Awarded Best Islamic Bank in Kenya at the Islamic Finance News Awards 2020 DIB Bank Kenya Limited...

How DP Ruto used Weston Hotel title deed to get Sh. 1.3 billion loan

William Rutos Wealth: Deputy President William Ruto took a loan of Sh. 1.3 billion using the title deed of his Weston Hotel. According to the...

Kenyan economy shrinks to negative 5.7 for first time since 2008

Kenyan Economy 2020: The economy is doing badly. Very badly. It contracted for the first time since the third quarter of 2008 as second...

Hope as Lolani Kalu back on air after landing new Tv job

Lolani Kalu New Job: Troubled journalist Lolani Kalu is on the road to recovery. After a painful job loss and financial ruin, the former...

Video of Governor Tunai’s chopper crashing in Narok

Governor Tunai Chopper Crash: The video of the chopper that was carrying Narok Governor Samuel Tunai crashing has emerged. The accident occurred as they left...

More Articles Like This