Sharp Daily
No Result
View All Result
Monday, July 14, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Investments

Ex-MD, Staff of Asset Firm Want Audit Reports in Sh1bn Case

Domenic Ntoogo by Domenic Ntoogo
February 5, 2023
in Investments
Reading Time: 2 mins read
Edwin Dande CEO Cytonn Investments (Real Estate Company)

Former senior employees of British American Asset Managers (BAAM) yesterday accused the former employer of denying them audit reports that formed the basis for the recommendation for them to be charged with an alleged theft of more than Sh1 billion.

The former employees, led by former managing director Harold Dande told the Supreme Court that they should be furnished with a forensic audit report prepared by KMPG, a legal audit conducted by Coulson Harney and a settlement agreement between BAAM and Acorn Group.

Read: Cytonn CEO Invited to Parliament to Discuss Real Estate Fund Challenges

Through their lawyer, senior counsel Prof. Tom Ojienda, Mr. Dande said the criminal investigations against them were based on the audit reports and they should be supplied with them to prepare their defense.

RELATEDPOSTS

Your First Investment should be an emergency fund with Cytonn Money Market Fund

June 16, 2025

Cytonn Money Market Fund Records 250% Profit Growth in 2024

April 3, 2025

“The main basis for the request was the need to show that the investigation and prosecution had no factual basis. Courts have in the past quashed criminal charges that did not have a factual basis,” Prof. Ojienda submitted.

The Director of Public Prosecutions recommended charges of theft by a servant against Mr, Dande, Elizabeth Nkukuu (senior portfolio manager) and Patricia Njeri (head of legal services) over claims that they transferred more than Sh1 billion from BAAM, a subsidiary of Britam without authority.

Read: Court Lifts Administration on two Cytonn Real Estate Funds and Moves them to Official Receiver

BAAM had entered into a joint venture with Acorn Group Ltd to develop real estate market, where the former would finance the projects. The two entities formed a special-purpose vehicle to execute the projects.

The funds were allegedly transferred between April 2914 and July 3, 2014, for alleged acquisition and development of properties in Kileleshwa. Prof. Ojienda said shareholders of Britam were not comfortable with the fund managers’ agitation to protect interests of BAAM clients.

Written by By Sam Kiplagat for Saturday Nation 

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Kenya Pipeline Boss Joe Sang’s Re-Apointment Suspended

Next Post

Deadweight: Will Increasing Taxes Hurt Kenyan Businesses?

Domenic Ntoogo

Domenic Ntoogo

Related Posts

Analysis

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025
Analysis

Lessons from the Kuramo-TransCentury fallout

July 3, 2025
Analysis

Kenya’s CIS market: Q1′ 2025 shows a surge, setting the stage for future expansion.

June 26, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
Analysis

Your First Investment should be an emergency fund with Cytonn Money Market Fund

June 16, 2025
Investments

Contrarian investing in Kenya.

June 13, 2025

LATEST STORIES

Why Employers Should Prioritize Pensions Over One-Time Gratuity Payments

July 10, 2025
Business and Finance Concept - Coin, Currency, Financial Item, Graph,

Opinion: Why lower taxes may be Kenya’s only escape route

July 10, 2025

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025

Privatization in Kenya: A new dawn for capital markets and fiscal stability

July 10, 2025

How Kenya is future-proofing its economy against illicit finance

July 9, 2025

The importance of Investment Policy Statements (IPS) for pension schemes in Kenya

July 4, 2025

Understanding Life Cover as an Additional Benefit in Retirement Benefit Schemes

July 4, 2025

Del Monte foods files for bankruptcy in USA

July 3, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024