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{
"id": 683528,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/683528/?format=api",
"text_counter": 228,
"type": "speech",
"speaker_name": "Hon. Keynan",
"speaker_title": "",
"speaker": {
"id": 41,
"legal_name": "Adan Wehliye Keynan",
"slug": "adan-keynan"
},
"content": "We were told that the bank did not honour the first instruction since they contradicted the earlier instructions submitted to the bank by the Fund. Initially, the Board authorised Ms. Namuye and Judy Kimetto as signatories but because of that letter from the Chair, everything changed. When that happened, the Acting CEO immediately followed and wrote another letter to the bank and this is what she said:- “Following the maturity of fixed deposit held with your bank, please take this as instructions to debit our account Kshs115,710,000 and make payments to our supplier Quorandum Limited for consultancy services rendered.” Look at the chain. The Chairman makes the CEO the sole signatory, the CEO a few days later writes a letter to the bank where they have the Call Deposit Account instructing the bank to pay a fictitious company a big chunk of money. Few days later, the same Acting CEO again wrote another letter just to deplete the whole Call Deposit Account. This is what she said:- “Following the maturity of fixed deposit held with your bank, please take this as instructions to debit our account with Kshs65,184,946 and make payments to our supplier Quorandum Limited. for consultancy services rendered.” By these two letters, the entire Call Deposit Fixed Account of the YEDF was paid to one company called “Quorandum” which had not rendered any service to the YEDF. Hon. Speaker, secondly, on 4th February, 2016, the now suspended Acting CEO, Catherine Namuye issued instructions to Chase Bank and transferred the entire YEDF account to roll over the funds in investment for another period of two months. Instead of recalling whatever was left, what remained from the Call Deposit Account amounting to Kshs400 million was rolled for over two months. Eventually, this was used again as operating expenses without the knowledge of the Board members and without the knowledge of the other staff that were directly in charge of that account. Thirdly, vide letter dated 7th February, 2015, Mr. Bruce Odhiambo, the former Chairman instructed Chase Bank that in the absence of any other mandatory signatory---This is, again, the trend. Because of the actions of the Chairman, without the knowledge of the Board and other senior management, Catherine Namuye was given a free hand to manage this account and this is what led to the loss of hundreds of millions that legally belonged to the YEDF. The YEDF Board approved a change of Chase Bank limited, again, on 26th February, 2015 and did not make Catherine Namuye a sole signatory. This is a story that if one has not followed, is not very easy to comprehend because this was a conspiracy between two people namely the Chair and his Acting CEO. The Chair and the Acting CEO called for a board meeting where they deliberated on issues but behind the Board and other management staff, instructions were issued contrary to what had been agreed in the board meeting. Later on, you will realise that because of the conspiracy between Ms. Namuye and Mr. Bruce Odhiambo, the YEDF lost a colossal amount of money that is almost difficult to recover today."
}