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Corporate Fraud

NYS Scandal: Court Freezes Millions of Shillings Hidden in Firm’s Accounts

The Court of Appeal has now ruled that accounts belonging to a firm and its directors who supplied goods to the National Youth Service at seven times the market prices six years ago be frozen.

This is not the first time, the accounts were also frozen in 2018 but the court dismissed the case saying EACC had failed to prove the case on a balance of probabilities.

Justices Martha Koome, Gatembu Kairu, and Jamilla Mohamed ruled that Catherine Nkirote Maingi, John Kago, and Q-setters Investments (respondents) not be allowed to transact Sh29 million held at Equity and Cooperative Bank pending the conclusion of an intended appeal by the EACC.

“We are persuaded that the intended appeal is not frivolous. We think it is arguable,” the judges said.

The firm, according to Catherine Ngari, an investigator with the EACC, argued that the respondents secured the supply of items to the NYS at seven times the market prices through collusive tender bidding and stage-managed competition. This then resulted in the fraudulent acquisition of Sh45.5 million by the firm.

For instance, Q-setters supplied 5,000 cutting discs and quoted a price of Sh1,650, for each. The prevailing market price according to the Ministry of Public Works then was Sh180 per unit.

Another item identified as round tube, the trader quoted Sh2,400 yet the market price was Sh840. The firm made Sh23.4 million after supplying 15,000 tubes. Also supplied was grinding discs 9’ supplied at a price of Sh1,950 instead of the recommended price of Sh300.

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