A Nairobi court has sentenced former Insurance Company of East Africa (ICEA) manager Lincoln Kivuti Njeru to nine years in prison after he was found guilty of stealing Sh62,704,835.60
Last week, the court ruled that Mr. Njeru was guilty of stealing the million from his employer through collapsed Nyaga Stockbrokers.
Milimani Law Courts chief magistrate Francis Andayi said Njeru stole the money dismissing his argument that the money was lost in an ill-advised investment.
Mr Andayi said that from the audit reports, evidence by the prosecution and the chain of cash transactions clearly showed that Mr. Njeru had pocketed the millions.
Mr Njeru who is 58 years old received the Sh62.7 million through Nyaga stockbrokers for sale of ICEA share investments and channelled the proceeds to his personal accounts between January 17, 2003, and September 20, 2005.
The money was supposed to be deposited into 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.
However, he could not explain the source of the millions of shillings he held in his bank accounts.