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Youth Fund Board probes Sh180m fraud claim at Fund

BUSINESS
By Paul Wafula | Oct 29th 2015 | 1 min read
By Paul Wafula | October 29th 2015
BUSINESS

The Youth Fund has launched investigations into allegations that the fund’s chief executive Catherine Namuye wired Sh180 Million into a mysterious account.

The chairman of the youth fund board, Mr Bruce Odhiambo, yesterday told The Standard that no one is accusing Ms Namuye yet, as investigations are yet to be completed.

But Mr Odhiambo confirmed the board had indeed asked Ms Namuye to take a ‘short leave’ to allow for investigations before a decision is made.

“We are a non-executive board, so we do not deal with the day-to-day operations of the company. We have received the allegations and we have asked her to take a normal leave so that she does not interfere with investigations,” Mr Odhiambo said in a phone interview.

Mr Odhiambo says the board expects to have the report tabled before it by Monday next week, which will determine the next course of action.

“I would like to say that at this point no one is accusing her of anything. The amount involved is Sh180 million. We expect the report by the end of this week, so we should know the way forward,” Mr Odhiambo said.

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