Ex-managers of Blue Shield Insurance charged with stealing Sh10m
Three former managers of Blue Shield Insurance have been charged in a Nairobi court with alleged misappropriation of over Sh10.2 million and attempt to dispose of assets of the firm.
The insurance firm has been under statutory management since 2011.
Sammy Mutua Makove (commissioner of Issuance Regulatory Authority), John Sifa Keah (statutory manager policyholders compensation fund), and Eliud Muchoki Murithi (statutory manager) appeared before Nairobi Senior Principal Magistrate Kennedy Cheruiyot and denied two charges of attempted fraudulent disposal of the insurance company and stealing.
The prosecution alleged that on diverse dates between July 5, 2015, and July 2016, at Blue Shield Towers in Nairobi, Makove and Keah being trustees of respectively jointly and with intent to defraud, attempted to dispose of the said property which was not authorized by statutory management body and where a moratorium was in place.
Keah and Murithi were separately accused that on diverse dates between September 16, 2011, and July 6, 2014, stole Sh10,295,428, the property of the said firm under the statutory management which came to their possession by virtue of their employment.
After denying the charges, the managers sought to be released on reasonable bail terms, saying that they will abide by all conditions set by the court.
The three said that they are not a flight risk since they have cooperated with investigations into the matter since 2015.
However, the prosecution through senior state counsel Kennedy Panyako opposed their release on bail.
In his ruling, the magistrate granted the trio a cash bail of Sh100,000 each.
The case will be mentioned on August 4, 2020, for pretrial conference.