NSSF savers lose billions in dubious contracts, land deals
03 June 2013, 10:00
Nairobi - More than KES 3 billion has been lost by social security savers in dubious contracts, land and share purchase deals that are unlikely to be recovered, an audit report tabled in Parliament says.
In a brief to Business Daily, Auditor-General Edward Ouko said that contributors to the National Social Security Fund (NSSF) may have permanently lost KES 1.13 billion that the agency invested in Karura and Ngong forest land, but cannot access.
The report goes further to state that the properties, in gazetted areas, cannot be owned, possessed, utilised or accessed and any development on such land would be illegal.
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