Ex-insurance officer guilty in Sh62m theft

Thursday, September 17th, 2020 00:00 |

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A former senior insurance manager has been found guilty  of stealing over Sh62 million from his employer.

Milimani Chief Magistrate Francis Andayi ruled that Lincolin Kivuti Njeru,  a former assistant general manager with Insurance Company East Africa (ICEA) stole the money.

The magistrate noted that cash withdrawals  from Housing Finance Corporation of Kenya, Barclays Bank of Kenya and Nyaga Stock Brokers (NSB), 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,” said the magistrate.

The magistrate convicted the accused in all the three counts of theft by officer.

The offence was committed on diverse dates between January 17, 2003 and September 20, 2005.

Andayi said prosecution witnesses linked all the losses to the accused person, who handled the transactions in question.

The magistrate said the prosecution had established beyond reasonable doubt that it was Njeru who benefited from ShSh62,704,835.60 withdrawn from lenders and NSB.

Andayi said Njeru could not explain the source of the millions of shillings he held in his bank accounts.

In his mitigation through defense lawyer Stanley Kang’ahi, the accused pleaded for mercy saying he has been out of employment for the last 12 years and that he is the sole breadwinner for his family.

He pleaded for a non-custodial sentence. The court cancelled Njeru’s bond then ordered he remains in custody to await sentencing. 

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