Ex-NSSF boss Jamwa loses appeal, sentenced 4 years

David Chandi Jamwa in court [Observer photo]

Court of Appeal has convicted former Managing Director of the National Social Security Fund (NSSF), David Chandi Jamwa, of abuse of office – a charge for which he had been acquitted in the Anti-Corruption Court.

Jamwa who returned to court for a ruling on his application challenging his 12-year sentence, was instead sentenced for four years which he will serve concurrently with the 12-year jail term.

Three Justices; Steven Kavuma, Kenneth Kakuru and Opio Aweri contended that evidence showed that the sale of government bonds by NSSF only two days to their maturity led to a financial loss.

Jamwa has been on bail for 7 years since 2011.

In 2010, the Anti-Corruption Court found him guilty after selling NSSF bonds to the now defunct Crane Bank before their maturity dates, causing a financial loss of Shs3bn to NSSF.

Victoria University

In his ruling, Justice John Bosco Katutsi said Jamwa should never hold any public office for at least 10 years.

Crane bank that bought the bonds made a lot of profits when they sold them only two days after buying them from NSSF.

“We find no merit in the appeal and therefore dismiss it,” the three justices of appeals court said on Monday.

According to evidence from the Inspector General of Government, between September and November 2007 , Jamwa sold off several government bonds held by NSSF before their maturity dates to Crane Bank at prices below their then discounted value thereby causing an unfavourable price variance of Shs3.1 billion.