Ksh. 400Million Youth Money Missing From Youth Fund

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bruce odhiamboMembers of a parliamentary watchdog investigating an alleged Sh400 million fraud at the Youth Enterprise Fund have warned of possible massive rot at the agency.
And the names of former Devolution Cabinet Secretary Anne Waiguru and her sacked PS, Peter Mangiti, featured in yesterday proceedings.
MPs questioned why fund chairman Bruce Odhiambo suspended Finance Manager Benedict Atavachi, a junior officer, and proceeded to copy the letter to Waiguru and Mangiti.
The Fund had invested Sh400 million in a bank fixed deposit account that was to mature in two months at an interest rate of 10.5 per cent.

Upon maturity, the then CEO, Catherine Namuye, transferred Sh180 million to a company called Quorandum Limited and another Sh65 million to the Fund.

Interestingly, there is no contract to show what consultancy services Quorandum undertook for the Youth Enterprise Fund.

The Fund cannot account for the balance of Sh155 million left in the account.

 

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