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.
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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.
“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.
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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
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