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Corporate Fraud

Dissecting BIFU: The Use Of A Dead Auditor To Approve Financial Statements – Part 3 of 3

Isaiah Kubai, Banking Finance and Insurance Union of Kenya (BIFU) National Secretary General.

We have found out that some information has been out to the public and most of the below was presented to EACC, DCI and DPP offices. In short the government is aware and has done nothing.

Embezzlement and Misappropriation of Union Funds:

Kubai has been allegedly withdrawing Kshs. 400,000 in tranches of Kshs. 200,000 every month from the Union’s General Fund account to organize workers but workers do not get organized in BIFU.

Mr. Kubai has a fixed deposit account number 0948542862 at Barclays Bank of Kenya where he has allegedly fixed over Kshs. 50 Million. His known sources of income do not match this amount of money.

Why isn’t he being investigated?

Despite having Pension funds that he single-handedly determined how much to pay himself against the Rules of the Union relating to funds management, Mr. Isaiah Kubai irregularly rewarded himself Kshs. 130,263 monthly as gratuity to his personal account number 0100324699700 at the Standard Chartered Bank and another Kshs. 130,263 to another account number 0151224699700. The gratuity payment is irregular and illegal deduction to anyone who is being paid pension funds. This public and blatant theft of union resources through standing orders deprive the union of Kshs. 260,526 monthly just into one pocket.

Mr. Isaiah Kubai O’Mitu has been providing the Trade Union Registrar with accounts audited by the ghost a dead auditor whom they had retained his stamp several years ago. Mr. Kubai thus only stamps documents and takes them to the registrar as audited accounts until last year. This has made him fail to provide audited books of accounts to all stakeholders are required by law even when some members demanded for the same as this site has learnt.

He also pays his daughter about Kshs. 300,000 monthly yet she does not do anything for the union. When asked, Kubai now claims that the daughter has been an employee of the union yet when we reached to the union workers and officials, they only learnt of Judy Kubai as an employee of the union when the father said so. No due process to recruit laid down was ever followed at all.

The above example amounts of Kshs. 400,000 + 260,526 + 300,000 totals to Kshs. 960,526 every month for theft. This easily goes to Kshs. 11,526,312 annually.

Mark you that more theft is not released in these figures.

He has used this money to bribe others in authority and knows that no one will ever touch him.

However, time is coming. We have to document these ills as an authoritative site, for when law abiding leadership comes on, these ills will be revisited and people will have nowhere to run.


Dissecting BIFU: One The Most Important But Rogue Trade Unions In Kenya – Part 1 of 3

Dissecting BIFU: Betrayal In The City By Fellow Workers? – Part 2 of 3

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