Charles NJONJO et al hid Sh 7.8 billion in islands as the NHIF money

The Kenyan DAILY POSTNews05:14

Wednesday August 8, 2012 - Capital Markets Authority (CMA) has asked former Attorney General Charles Njonjo, Jeremiah Kiereini and Martin Foster to refund Sh 7.8 billion they stole from Cooper Motors Corporation (CMC) when they were directors of the company.

The three have been found to be responsible for the woes that have afflicted the listed regional motor dealer whose shares are currently suspended from the Nairobi Securities Exchange (NSE).

CMA Chairman Kungu Gatabaki on Friday last week disqualified the three with other ex directors Richard Kemoli, Peter Muthoka, Joseph Kivai, Andrew Hamilton and Sobakchand Shah from appointment to the board of any listed company in Kenya over their dealings with CMC.

Director of Public Prosecutions Keriako Tobiko has already said that his office has started investigations into the alleged scandal that might see Njonjo and Kiereini in court.

It is alleged that Njonjo and Kiereini have secret offshore accounts in Jersey and Cayman islands where they have hidden the stolen billions. These are the same islands that the NHIF money that was lost by Kenyans is believed to be hidden. You should know that these are not only tax havens but also very safe grounds for stolen loots because they do not easily allow foreign scrutiny of their bank accounts. Jersey islands is popular for money laundering.

The Kenyan DAILY POST