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Sh 10 Billion Scandal rocks Youth Enterprise Development Fund

30, May 2018

The Youth Enterprise Development Fund (YEDF) has sent on compulsory leave seven employees pending investigations on irregular loan disbursements.  The seven, among them two senior managers, were suspended following an internal audit, which established that Sh10,765,000 may have been lost.  The suspension came after YEDF CEO Josiah Moriasi ordered the internal audit department to conduct an assessment of its systems.  This was done after a process of migrating the fund's data to a new system that includes beneficiary loan details revealed some discrepancies.  In one instance, the audit revealed that one official was in charge of several transactions where three youth groups from Makadara, Kajiado North and Bomet East constituencies were receiving loans that had not been approved.