How youth fund bosses ignored Treasury rules

Public Service, Youth and Gender CS Sicily Kariuki (left) hands over a dummy cheque of Sh18 million from Uwezo Fund to women at Nakuru's Nyayo Garden yesterday. [PHOTO: BONIFACE THUKU/STANDARD]

The board and management of the Youth Enterprise Development Fund violated various laws by investing Sh400 million in a bank, a parliamentary watchdog committee has said.

Members of the Public Investment Committee (PIC) hit out at the board chairman Bruce Odhiambo and suspended Chief Executive Officer Catherine Namuye for investing the fund's money in a private bank instead of Treasury bills or bonds.