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Youth Fund Scandal
Rank: Elder Joined: 12/7/2012 Posts: 11,937
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hardwood wrote:Angelica _ann wrote:mkenyan wrote:hardwood wrote:maka wrote:Former devolution minister Anne Waiguru ordered that an events company be paid Sh44 million for organising a function that did not take place, MPs investigating corruption at the Youth Fund heard Thursday.
A director at the Youth Enterprise Development Fund, Mr Clement Ayungo, told the Public Investments Committee that the board chairman, Mr Bruce Odhiambo, told him that Ms Waiguru had instructed him to ensure payments were made to Saverin Holdings Ltd although a rebranding event it was supposed to organise had been cancelled.
So he doesn't even know who supposedly called but all the blame is being heaped on waeguru? What kind of malice is this?
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“He (Odhiambo) told me he had received a call from Anne or State House, I can’t recall who but it was one of them, and told me to pay for the event which the minister had herself cancelled,” he said.
seems like the director is spinning a yarn or bruce odhiambo used waiguru's name to his own ends.
now it is taking the shape of a scandal 
Agreed. You can see the excitement when waeguru is mentioned.
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Angelica _ann, Guest (12), hardwood, kayhara, maka, McReggae, Pesa Nane, simonkabz, Swenani
Haiya simonkabz  In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Angelica _ann wrote:hardwood wrote:Angelica _ann wrote:mkenyan wrote:hardwood wrote:maka wrote:Former devolution minister Anne Waiguru ordered that an events company be paid Sh44 million for organising a function that did not take place, MPs investigating corruption at the Youth Fund heard Thursday.
A director at the Youth Enterprise Development Fund, Mr Clement Ayungo, told the Public Investments Committee that the board chairman, Mr Bruce Odhiambo, told him that Ms Waiguru had instructed him to ensure payments were made to Saverin Holdings Ltd although a rebranding event it was supposed to organise had been cancelled.
So he doesn't even know who supposedly called but all the blame is being heaped on waeguru? What kind of malice is this?
Quote
“He (Odhiambo) told me he had received a call from Anne or State House, I can’t recall who but it was one of them, and told me to pay for the event which the minister had herself cancelled,” he said.
seems like the director is spinning a yarn or bruce odhiambo used waiguru's name to his own ends.
now it is taking the shape of a scandal
Agreed. You can see the excitement when waeguru is mentioned.
Users browsing this topic
Angelica _ann, Guest (12), hardwood, kayhara, maka, McReggae, Pesa Nane, simonkabz, Swenani
Haiya simonkabz
Fake users list
Quote:Joined: Friday, March 02, 2007
Last Visit: Wednesday, October 08, 2014 9:11:05 PM
Number of Posts: 8,320
[1.16% of all post / 2.51 posts per day] If Obiero did it, Who Am I?
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Rank: Elder Joined: 9/15/2006 Posts: 3,907
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Seems the American man on Skype, Donnie Collins, was dead as a dodo, and no money was paid to him for the contract.
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Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada
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muganda wrote:
Seems the American man on Skype, Donnie Collins, was dead as a dodo, and no money was paid to him for the contract.
Last time (2 days a go) @Ngamau said he has not paid the American his due since "he died" and instead invested the money in real estate as "he awaits to settle the next o kin of the American"...To me he looked genuine until he repsonded as above.
THIEVES!
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay
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Fired at last...
Quote:Nairobi: President Uhuru Kenyatta has revoked the appointment of Bruce Odhiambo as Chairman of Youth Enterprise development Fund board over loss of money at the kitty.
"In exercise of powers conferred to me by section 7 (3) of the State Corporations Act Cap 446, I, Uhuru Kenyatta, President of Kenya and Commander-in-Chief of the Kenya Defence Forces, revoke the appointment of Bruce Odhiambo as the Chairman of the Chairman of Youth Enterprise development Fund,” read a letter dated April 8.
Read more at: http://www.standardmedia...-as-youth-fund-chairman/
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Most of the Sh180 million stolen from the Youth Enterprise Development Fund (YEDF) was used to purchase luxury homes, pay debts and line the pockets of powerful individuals, law firms and companies.
Parliament’s Public Investments Committee (PIC) made the revelations in a report tabled in the House after last month’s probe into the multi-million shilling scandal that has dominated public discourse since last year.
Businessman Mukuria Ngamau, for instance, used his company Quorandum Limited’s Chase Bank account to receive money from the youth fund and make several transactions with third parties, including the purchase of a duplex apartment in Nairobi’s Lavington estate.
The property was bought from Duchess Park Limited at a cost of Sh48.5 million.
PIC found that Mr Ngamau transferred Sh59,082,835 that was part of the proceeds of fraudulent youth fund transactions to Quorandum’s account at Chase Bank from where the funds were moved to Quorandum’s account at Standard Chartered Bank, Yaya Centre Branch.
The funds were then used “to make further transactions and payments on various dates to third parties, including a payment of Sh3.3 million to Bruce Dominic Odhiambo’s account at Co-operative Bank, purportedly for payments of supplies and consultancy services,” the report which was tabled in Parliament says.
PIC has recommended the prosecutions of more than 10 people it identified for conspiring to defraud the youth fund of its resources. Top on the list is former YEDF chairman Bruce Odhiambo, suspended chief executive Catherine Namuye and Mr Ngamau.
Mr Ngamau also paid Sh4.5 million to Rock Plant Limited for an undisclosed purpose, Sh2.24 million to Dilshad Mohammed for an undisclosed purpose, Sh880,000 to Mr Yogesh Kumar Bardwaj for an undisclosed purpose and Sh1 million to Simis Engineering and Construction Company Limited for an undisclosed purpose.
The committee also found that Quorandum paid Sh8,799,450 to a Mr Ezekiel Owuor’s account at Barclays Bank of Kenya Limited, purportedly for material supply/loan advance from the recipient.
The report says Mr Ngamau also made several cash withdrawals and transfers to his personal account held at Standard Chartered Bank and to personal accounts of persons closely related to him, including his spouse and co-director Doreen (Sh412,000) and Ms Tabitha Wanjiku Ngamau, his mother, who was paid Sh940,000.
PIC now wants the Directorate of Criminal Investigations (DCI), the Ethics and Anti-Corruption Commission (EACC) and the Director of Public Prosecutions to investigate and report to the House within two months on action taken against “other Persons of Interest.”
http://www.businessdaily...2/-/oi9wfaz/-/index.html
These thieves steal with their mothers "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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murchr wrote:Most of the Sh180 million stolen from the Youth Enterprise Development Fund (YEDF) was used to purchase luxury homes, pay debts and line the pockets of powerful individuals, law firms and companies.
Parliament’s Public Investments Committee (PIC) made the revelations in a report tabled in the House after last month’s probe into the multi-million shilling scandal that has dominated public discourse since last year.
Businessman Mukuria Ngamau, for instance, used his company Quorandum Limited’s Chase Bank account to receive money from the youth fund and make several transactions with third parties, including the purchase of a duplex apartment in Nairobi’s Lavington estate.
The property was bought from Duchess Park Limited at a cost of Sh48.5 million.
PIC found that Mr Ngamau transferred Sh59,082,835 that was part of the proceeds of fraudulent youth fund transactions to Quorandum’s account at Chase Bank from where the funds were moved to Quorandum’s account at Standard Chartered Bank, Yaya Centre Branch.
The funds were then used “to make further transactions and payments on various dates to third parties, including a payment of Sh3.3 million to Bruce Dominic Odhiambo’s account at Co-operative Bank, purportedly for payments of supplies and consultancy services,” the report which was tabled in Parliament says.
PIC has recommended the prosecutions of more than 10 people it identified for conspiring to defraud the youth fund of its resources. Top on the list is former YEDF chairman Bruce Odhiambo, suspended chief executive Catherine Namuye and Mr Ngamau.
Mr Ngamau also paid Sh4.5 million to Rock Plant Limited for an undisclosed purpose, Sh2.24 million to Dilshad Mohammed for an undisclosed purpose, Sh880,000 to Mr Yogesh Kumar Bardwaj for an undisclosed purpose and Sh1 million to Simis Engineering and Construction Company Limited for an undisclosed purpose.
The committee also found that Quorandum paid Sh8,799,450 to a Mr Ezekiel Owuor’s account at Barclays Bank of Kenya Limited, purportedly for material supply/loan advance from the recipient.
The report says Mr Ngamau also made several cash withdrawals and transfers to his personal account held at Standard Chartered Bank and to personal accounts of persons closely related to him, including his spouse and co-director Doreen (Sh412,000) and Ms Tabitha Wanjiku Ngamau, his mother, who was paid Sh940,000.
PIC now wants the Directorate of Criminal Investigations (DCI), the Ethics and Anti-Corruption Commission (EACC) and the Director of Public Prosecutions to investigate and report to the House within two months on action taken against “other Persons of Interest.”
http://www.businessdaily...2/-/oi9wfaz/-/index.html
These thieves steal with their mothers
Alafu munasema kutakua na property burst when people are acquiring property with proceeds from corruption!Maybe the only house burst that will happen is a drop in rental prices
If Obiero did it, Who Am I?
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Rank: Elder Joined: 9/15/2006 Posts: 3,907
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Rank: Elder Joined: 7/28/2015 Posts: 9,562 Location: Rodi Kopany, Homa Bay
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Sad....
https://www.the-star.co....-fund-on-friday_c1647746
Quote:Former Youth Fund CEO Catherine Namuye is dead.
Namuye collapsed and died in her house in Kileleshwa, Nairobi, on Wednesday night.
Neighbours said they heard screams and when they rushed to check they found her on the floor foaming at the mouth.
Police have launched investigations. She was a mother of one
Sources told the Star the deceased was fired by the board on September 29.
Before her dismissal, she had been suspended pending investigations into the loss of Sh180 million at the fund.
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Rank: Elder Joined: 12/7/2012 Posts: 11,937
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I wonder why people steal like crazy yet at end of the day it is 6x6 ..... In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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