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Court fines trader Mukuria Ngamau Ksh700m for theft of YEDF cash

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Businessman fined Sh720 Million or Serve 27 years in Jail

Businessman fined Sh720 Million or Serve 27 years in Jail

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An anti-corruption court has fined businessman Mukuria Ngamau Sh700 million for defrauding the Youth Enterprise Development Fund of Sh180 million.

Chief magistrate Douglas Ogoti on Thursday held that the director of Quorandum Limited irregularly acquired the money from the fund.

Ngamau will spend 27 years in jail if he defaults in paying the fine.

The case has been in court for more than three years in which millions of property belonging to the businessman has been seized by the state.

In 2018, the Asset Recovery Agency seized a Sh48.5 million apartment in Lavington, Nairobi.

The National Assembly’s Public Investments Committee (PIC) had recommended prosecution of the businessman after they accused him of using his company Quorandum Limited to receive money from the Youth Fund.

The magistrate sentenced Ngamau to seven years in jail for conspiracy to commit an economic crime contrary to the Anti-Corruption and Economic Crimes Act No. 3 of 2003.

The Sh720 million fine comprises a mandatory fine of Sh442 million for unlawful acquisition of public property contrary to the law.

Ngamau and Quorandum Limited have also been slapped with a mandatory fine of Sh258 million for unlawful acquisition of public property.

He was also jailed three years after being convicted of making of false documents contrary to the Penal Code.

“The court invoked section 51 and 54 of Anti-Corruption and Economic Crimes Act (ACECA) and ordered the accused to pay the Fund Sh180,364,789 in compensation to the Youth Fund,” a statement by EACC reads