Youth Enterprise advisory team blames youth fund for Sh180m loss

Former State Corporation Advisory Council Secretary Jane Mugambi after she appeared before the National Assembly’s Public Investment Committee at Parliament Buildings yesterday. [PHOTO: BONIFACE OKENDO/STANDARD]

NAIROBI: An advisory council wants the entire board of the Youth Enterprise Development Fund (YEDF) held collectively responsible for the loss of Sh180 million.

Former State Corporation Advisory Council Secretary Jane Mugambi and Head of Governance and Management Services Simon Indimuli, yesterday told members of the National Assembly's Public Investment Committee (PIC) that the board erred in investing Sh400 million in Chase Bank without the approval of the Treasury. PIC is probing the fraudulent payment of Sh180 million to Quorandum Limited for ICT services.