Former NSSF investment manager Francis Moturi was on Monday sentenced to 14 years in jail or he pays a fine of Sh2.6 billion to be released.
This came after an anti-corruption magistrate Lawrence Mugambi on Friday found Moturi guilty of knowingly misleading the fund into making payments totalling Sh1.2 billion through irregular trading in shares through Discount Securities Limited (DSL).
His co-accused David Ndirangu and officials of DSL including Wilfred Mungoro (Finance director) and Isaac Nyakundi were also found guilty of conspiracy to steal from NSSF through the purchase of shares.
Moturi will have to pay the fine or in default serve 14 years in prison.
Githaiga, Mungoro and Nyakundi were sentenced to 12 years in jail or they pay a fine of Sh802 million each to secure their freedom.
DSL has been fined Sh4.8 billion. The company is currently under liquidation.
Magistrate Mugambi said it will pay the monies to the statutory manager subject to the availability of funds.
The court in sentencing the accused persons said none of the accsued may be appointed or elected into public office for the next ten years.
The sentences will run consecutively meaning the convicts will serve the sentences back to back.
They have been given 14 days to appeal.
