NAIROBI-(MaraviPost)-A Nairobi Court has sentenced the former manager of Insurance Company of East Africa (ICEA) Lincolin Kivuti Njeru for nine years for stealing Sh62.8m.
Milimani Law Courts chief magistrate Francis Andayi pronounced the verdict on Monday, September 21, 2020.
Last week, Mr Njeru was found guilty of stealing more than Sh62.7 million from his employer after his defence that the money was an investment loss at the collapsed Nyaga Stock Brokers was dismissing .
Before passing the verdict, the chief magistrate said from the audit reports, it was clear that Njeru through chain of cash transactions, stole the millions from the company.
The Star news reported that 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 between January 17, 2003 and September 20, 2005.
When asked about the money in his account, Njeru reportedly failed to explain the source of the millions of shillings in his bank accounts.
He has been sentenced to three years on each count adding to a total of nine years and the sentences will run concurrently.
