Wednesday, March 9, 2011

BREAKING NEWS: Former NSSF boss Jamwa sentenced to 12 years

Jamwa being led to Anti Corruption court this morning.
KAMPALA - The former Managing Director of National Social Security Fund (NSSF), David Chandi Jamwa has been jailed twelve years over causing financial loss to the fund, a punishment that drew tears from some of his relatives.

The Head of the Anti Corruption Court, Justice John Bosco Katutsi yesterday also ordered that Mr Jamwa will not to access employment in any public office for ten years after serving the sentence. “You had a hefty salary while working for NSSF yet a rated worker who contributes through saving cannot attain it until he or she is 50 years but you with in a period of four days, you robbed them Shs4 billion,” wondered Justice Katutsi who made his last day as a judicial officer.

Mr Jamwa, 40, who was last week convicted of causing financial loss and remanded pending sentence appeared before a fully packed courtroom comprising of his parents and relatives for sentence. Mr David Mpanga, Jamwa’s attorney pleaded for lenience and asked court’s consideration for a light sentence because his client did not have any past criminal record. Prosecution told court that between September and November 2007 in Kampala, Mr Jamwa being a person employed in a public body, NSSF in the capacity of Managing Director, in his performance of duties sold off several government bonds held by NSSF before their maturity dates to Crane Bank at prices below their then discounted value thereby causing an unfavorable price variance of UShs 3,163,256,502 which acts he knew or had reason to believe would cause and did cause financial loss to the fund.

The court earlier dismissed the charge of alleged abuse of office against Mr Jamwa saying that he did not act arbitrary. The judge wondered: “A nosy but intelligent onlooker seeing what was going on would have been justified in posing the following questions; ‘Mr MD is NSSF in dire need of liquidity’. The accused if he was a man of conscience would have replied, ‘Not at all’. The onlooker then would have wondered aloud. Then why on earth are you selling these bonds below their maturity price when they are left with just a month to mature?”  Mr Sydney Asubo, the State Attorney from the Inspectorate of Government welcomed the sentence; “We are grateful with court because we asked for an appropriate sentence near to the maximum and it has been given.”

However, Mr Mpanga said: “We are going to appeal against the conviction and sentence.”

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