TOP
Friday,August 14,2020 15:16 PM
  • Home
  • National
  • 'Jamwa did not cause any financial loss to NSSF'

'Jamwa did not cause any financial loss to NSSF'

By Vision Reporter

Added 24th October 2014 12:55 PM

City lawyer Fred Mpanga has asked the Court of Appeal to acquit former NSSF managing director David Chandi Jamwa of abuse of office and causing financial loss.

'Jamwa did not cause any financial loss to NSSF'

City lawyer Fred Mpanga has asked the Court of Appeal to acquit former NSSF managing director David Chandi Jamwa of abuse of office and causing financial loss.

By Hillary Nsambu                          

City lawyer Fred Mpanga has asked the Court of Appeal to acquit former NSSF managing director David Chandi Jamwa of abuse of office and causing financial loss.

Mpanga told court that despite the undisputed fact that Jamwa sold bonds to Crane Bank before maturity date, he never caused any financial loss to the National Social Security Fund.

Making submissions, Mpanga faulted the Anti-Corruption Court trial judge for convicting his client of the offences when the prosecution had failed to prove any of the offences against him.

The lawyer also submitted that Jamwa had been charged of offences that no longer existed in the known Ugandan law books.  The change in the Anti-Corruption Act in as far as causing financial loss only left the offender against the Government, banks and credit institutions and not public bodies, insurance or any other, under which Jamwa was charged.

The lawyer further faulted the trial court of failure to evaluate the evidence on record and submitted that it should not have convicted the appellant of the offences whose fact do no longer constitute an offence against him.

Mpanga further submitted that according to the key prosecution witnesses, it was proved that the sale of bonds by Jamwa did not cause any financial loss to NSSF neither was Jamwa said to have gained personally out of the sale of the Bonds.

The lawyer further submitted that according to the prosecution evidence on record, it was found that the sale of the bonds was a collective responsibility after having been approved by the board and the Minister of Finance. So, the Appellant acted in an approved process which was found to have yielded profitable results for NSSF.

The lawyer called on the court to consider the collective action in which the sale of the bonds was approved by the investment committee of the NSSF board and the Ministry of Finance.

However, Senior State Attorney Roger Kinobe strongly opposed the appeal. He asked the court to uphold the conviction and if found fit to enhance the sentence from 12 to 14 years imprisonment considering the gravity of the offences and loss. He should also be banned from holding public office for ten years.

Acting Chief Justice Steven Kavuma chaired the panel. Other members were Justices Rubby Aweri Opio and Kenneth Kakuru.

The Anti-Corruption Court presided over by retired Justice John Bosco Katutsi, in 2012 found Jamwa guilty of the offences of abuse of office and causing financial loss of billions of shillings to NSSF by selling bonds before maturity.

The attorney defended the trial judge submitting that he properly evaluated the evidence adduced by the prosecution, saying the appellant took over the powers of the investment committee and single handedly hurriedly sold the bonds to the bank 23 days to their maturity period.

Kinobe, submitted that his appointment did not mandate him to act unilaterally as the powers to sell the bonds were vested in the investment committee of the NSSF Board and; its managing director is not mentioned anywhere in the provisions.

As the state attorney was submitting, Jamwa, who is out on bail, was resting his head in his palm looking down visibly in utter deep thoughts. He later asked his mother, who was in court, for water using signs.

The attorney further submitted that by selling the bonds before maturity date, NSSF fetched fewer profits than they would have fetched at maturity date, so NSSF lost money.

He submitted that the issue was not whether the appellant pocketed the money or not – but the pertinent issue is abuse of office and causing financial loss. There was no need for the appellant to rush to sell the bonds before they could mature. After all NSSF had a lot of money it could have used if there was any urgent need or any crisis.                                            

 

‘Jamwa did not cause any financial loss to NSSF’

Related articles

More From The Author

More From The Author