Five senior officials of the Kenya Union of Savings and Credit Cooperatives Ltd. (KUSCCO) were granted bail on Tuesday by a Nairobi court after denying charges related to the theft of Ksh 82.8 million.
The funds, which were intended for the purchase of land in Nairobi, are said to have been diverted into a separate account by the accused individuals.
The case was heard before Milimani Magistrate Dolphina Alego, who granted separate bond terms to the accused.
The individuals facing the charges include George Magutu Mwangi, George Otieno Ototo, George Ochola Owino, Jackline P. Atieno, and Mercy Muthoni.
The charges brought against them include money laundering, stealing by directors, and making false documents.
The prosecution alleges that between October 2020 and April 2022, the five suspects diverted Ksh 82,826,000, which was meant for the purchase of land for KUSCCO, into a different account.
Additionally, the accused are charged with conspiring to conceal the illicit nature of the funds by entering into an agreement to sell a piece of land (LR No. 23269/35) despite knowing the money was obtained through criminal activities.
The prosecution further claims that the accused, being directors and officers of KUSCCO, misappropriated the funds entrusted to them by the cooperative between October 2020 and April 2022.
This alleged theft was committed under the guise of their official capacities.
All five suspects have denied the charges in court.
Magistrate Alego, after hearing the defense and prosecution submissions on bail, issued bond terms for the accused.
George Magutu Mwangi, Jackline P. Atieno, and George Otieno Ototo were each granted a bond of Ksh 10 million or an alternative cash bail of Ksh 3 million.
George Ochola Owino was given a bond of Ksh 7 million with an alternative cash bail of Ksh 3 million, while Mercy Muthoni was released on a bond of Ksh 7 million or a cash bail alternative of Ksh 2.5 million.
The case will be mentioned after two weeks for pretrial.
