Agent fined Sh2.8m for stealing over Sh6m from investment firms

Audio By Vocalize

A Nairobi man has been convicted and fined a total of Sh2.8 million after a court found him guilty of stealing more than Sh6.1 million from two investment companies he was entrusted to serve as an agent.

Milimani Chief Magistrate Dolphina Alego imposed the sentence on Peter Gathungu Gikonyo after finding the prosecution had proved beyond a reasonable doubt two counts of stealing by agent and stealing by servant offences contrary to Section 268(1) as read with Section 283(c) of the Penal Code against him.

On the first count, Gikonyo was found guilty of having stolen Sh4,390,560 belonging to Kaggs Investment Limited, where he had been entrusted to retain the funds in safe custody.

On the second count, he was convicted of stealing Sh1,743,340 from Keithian Investments Limited.

Both offences were committed on diverse dates between June 29 and September 1, 2020, in Nairobi County.

"I find that the prosecution has proved beyond a reasonable doubt in both counts and I find the accused person guilty,” Magistrate Alego ruled.  

Sentencing Gikonyo, the magistrate imposed a fine of Sh2 million on the first count, with a default custodial term of 24 months, and a further fine of Sh800,000 on the second count, with 12 months in custody in default.

"I have realised that the Act does not extend the option of a fine, but I have extended that graciously. You have a right of appeal within 14 days," Magistrate Alego ruled.

The magistrate acknowledged exercising discretion by extending the option of a fine, a concession not strictly provided for under the Act, sparing Gikonyo an automatic custodial sentence, provided he pays the fines.

The case, which was prosecuted by State Prosecutor James Murage, reveals that indeed the accused persons stole from their employer a total of Sh6.1 million.

According to the court, prosecution witnesses, including the complainant, Charles Kibandi Kaguoya of Kaggs Investments Limited, presented evidence indicating that the accused stole millions of shillings without his consent

 The complainant, Charles Kibandi Kaguoya of Kaggs Investments Limited, was represented by advocate Justus Kiunga, who heard that the transactions were carried out irregularly and without proper authorisation.

Court documents indicate that the total amount allegedly involved across both charges stood at Sh6,133,900, against a broader agreement valued at Sh8.6 million.

“The evidence on record clearly demonstrates that the accused acted without the complainant’s consent and unlawfully appropriated the funds,” the court ruled

Gikonyo had been released on cash bail of Sh50,000 pending trial.