The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | GODFREY SSALI | Two out of three Justices of the Court of Appeal have upheld the decision of the High Court in Kampala that former NSSF Managing Director David Chandi Jamwa, was properly convicted and sentenced to 12 years imprisonment for causing NSSF a financial loss of sh3billion.
The two Justices also convicted Jamwa for abuse of Office and sentenced him to four year’s imprisonment but the sentence will run concurrently. They also banned him from holding public office for a period of ten years.
Jamwa sold several government bonds held by NSSF before their maturity date to Crane Bank, and at a price below their value, hence causing a loss of sh2.7 billion, on October 04, 2007
Evidence on record shows that the said bonds were bought at 34 billion shillings, and after a period of three years they would realise a value of 39 billion shillings and not 36 billion shillings that Jamwa chose to sell them.
The Justices in their ruling on Monday observed that Jamwa wrote to Crane Bank on October 03, 2007 informing it of the said bonds, but a day later on October 04, 2007 he instead approved a request to sell the same at 36 billion shillings through Crane Bank.
He therefore abused his office when he intentionally and single handedly without the resolution of the committee of the Board, sold the said bonds before their maturity date, the Justices said. They ruled that his appeal is dismissed and sent back to luzira prison to serve his sntence.
