Its confirmed that A Nairobi Court has jailed former Insurance Company of East Africa (ICEA) manager Lincolin Kivuti Njeru for nine years for stealing about Sh62.8m. ICEA manager Lincolin jailed
While announcing the sentence on Monday at the Milimani Law Courts, Nairobi Chief Magistrate Francis Andayi said the company lost a colossal sum of money. Last week, the court found Mr Njeru guilty of stealing more than Sh62.7 million from his employer through collapsed Nyaga Stockbrokers.
Milimani Law Courts chief magistrate Francis Andayi said Njeru, stole the money, dismissing his defence that “it was an investment loss.” ICEA manager Lincolin jailed
Mr Andayi said that from the audit reports, evidence by the prosecution and the chain of cash transactions, it’s clear Njeru stole the millions.
Mr Njeru, 58, received the Sh62.7 million through Nyaga stockbrokers for sale of ICEA share investments and channelled the proceeds to his personal accounts.
The millions were supposed to be wired to the insurance firm’s accounts, but Mr Njeru who was then an investment manager at the firm said the cash got lost through erosion of share value at the Nairobi bourse.
Mr Andayi said the accused could not explain the source of the millions of shillings he held in his bank accounts.
The magistrate ruled that Mr Njeru was guilty of stealing Sh62,704,835.60 from ICEA.
The court said the money deposited in the accounts of ICEA were withdrawn and deposited into the personal account of Mr Njeru.
The offence took place between January 17, 2003 and September 20, 2005.
Mr Andayi said ICEA CEO Justus Mutiga said the opportunity of investing the money was lost.
Mr Andayi added that the prosecution, led by Ms Angela Fuchaka, proved that it was Njeru who stole the money.
He also said that Sh10 million was recovered from the accused and a further Sh7 million was found in his account.
The court dismissed Njeru’s defence that the money was an investment loss at the collapsed Nyaga Stock Brokers.