Ex- Insurance Company of East Africa boss jailed for 9 years

Former Insurance Company of East Africa manager Lincolin Kivuti Njeru has been jailed for 9 years.

On Monday Njeru was jailed without the option of fine for stealing over Ksh62million from his employer.

Last week Andayi ruled that Lincolin Kivuti Njeru, a former assistant general manager with Insurance Company East Africa 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.

Mysterious money

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

He further stated that the prosecution had established beyond a reasonable doubt that it was Njeru who benefited from Ksh62,704,835.60 withdrawn from lenders and NSB.

Andayi said Njeru could not explain the source of the millions of shillings he held in his bank accounts for the crime believed to have been committed on diverse dates between January 17, 2003, and September 20, 2005.

Defence 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.