{"id":34762,"date":"2021-09-09T03:26:28","date_gmt":"2021-09-09T03:26:28","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/?p=34762"},"modified":"2021-09-08T13:06:10","modified_gmt":"2021-09-08T13:06:10","slug":"how-nssf-lost-667-million-in-deals-with-fallen-banks","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks","title":{"rendered":"How NSSF Lost 667 Million in Deals With Fallen Banks"},"content":{"rendered":"

Africa-Press<\/a> – Kenya<\/a>. <\/strong><\/span>Details have emerged on how the Nation Social Security Fund (NSSF) lost over Ksh.666.9 million in deals with two fallen banks.<\/p>\n

According to Auditor General Nancy Gathungu, NSSF lost the amount through subscriptions to corporate bonds bought from banks that collapsed.<\/p>\n

The Auditor General report reveals that NSSF invested in the bonds without approval from the National Treasury.<\/p>\n

NSSF entered into contractual agreements with four fund managers in February, 2018, to carry out investments in the bonds on its behalf. The NSSF has subsequently made a provision for the entire sum invested in line with the accounting requirements on impairments.<\/p>\n

One of the managers sunk Ksh174.7 million in one bank, while another manager invested Ksh160 million in the other bank. The other two managers sunk Ksh100 million each in corporate bonds in the same bank.<\/p>\n

In the second bank, two managers lost Ksh90 million and Ksh42.2 million in a fixed bond meant to last for 5.25 years. The Auditor-General warned that the funds may never be recovered.<\/p>\n

\u201cIn the circumstances, the realization of the investment in corporate bonds invested by the fund managers could not be ascertained, and members\u2019 contributions are at risk of being lost,\u201d the audit report read in part.<\/p>\n

The two banks went down shortly after issuing their commercial papers with investors yet to recoup their investments in the two lenders to date.<\/p>\n

In April, the CMA commenced enforcement proceedings against former board members of one of the banks over failure to oversight the compromised bond issue to investors.<\/p>\n

Details in a commercial paper issue dated September 2015 revealed that some directors had sustained financial statement fraud since 2006.<\/p>\n

Although depositors in the two banks are assured of part of the funds held in the banks, corporate bond holders are likely to walk away empty handed, there being no current cover for the asset class.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Details have emerged on how the Nation Social Security Fund (NSSF) lost over Ksh.666.9 million in deals with two fallen banks. According to Auditor General Nancy Gathungu, NSSF lost the amount through subscriptions to corporate bonds bought from banks that collapsed. The Auditor General report reveals that NSSF invested in the bonds […]<\/p>\n","protected":false},"author":84,"featured_media":34761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6857,7003,544],"class_list":["post-34762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nHow NSSF Lost 667 Million in Deals With Fallen Banks - kenya<\/title>\n<meta name=\"description\" content=\"Details have emerged on how the Nation Social Security Fund (NSSF) lost over Ksh.666.9 million in deals with two fallen ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How NSSF Lost 667 Million in Deals With Fallen Banks\" \/>\n<meta property=\"og:description\" content=\"Details have emerged on how the Nation Social Security Fund (NSSF) lost over Ksh.666.9 million in deals with two fallen ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-09T03:26:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"How NSSF Lost 667 Million in Deals With Fallen Banks\",\"datePublished\":\"2021-09-09T03:26:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks\"},\"wordCount\":316,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks\",\"name\":\"How NSSF Lost 667 Million in Deals With Fallen Banks - kenya\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg\",\"datePublished\":\"2021-09-09T03:26:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Details have emerged on how the Nation Social Security Fund (NSSF) lost over Ksh.666.9 million in deals with two fallen ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg\",\"width\":720,\"height\":360,\"caption\":\"How NSSF Lost 667 Million in Deals With Fallen Banks\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/kenya\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How NSSF Lost 667 Million in Deals With Fallen Banks\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#website\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/\",\"name\":\"kenya\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/kenya\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"How NSSF Lost 667 Million in Deals With Fallen Banks - kenya","description":"Details have emerged on how the Nation Social Security Fund (NSSF) lost over Ksh.666.9 million in deals with two fallen ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks","og_locale":"en_US","og_type":"article","og_title":"How NSSF Lost 667 Million in Deals With Fallen Banks","og_description":"Details have emerged on how the Nation Social Security Fund (NSSF) lost over Ksh.666.9 million in deals with two fallen ...","og_url":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks","og_site_name":"kenya","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2021-09-09T03:26:28+00:00","og_image":[{"width":720,"height":360,"url":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"How NSSF Lost 667 Million in Deals With Fallen Banks","datePublished":"2021-09-09T03:26:28+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks"},"wordCount":316,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg","keywords":["Africa Press","Africa Press-Kenya","Kenya"],"articleSection":["all news","economy","homepage-english","twitter"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks","url":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks","name":"How NSSF Lost 667 Million in Deals With Fallen Banks - kenya","isPartOf":{"@id":"https:\/\/www.africa-press.net\/kenya\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg","datePublished":"2021-09-09T03:26:28+00:00","author":{"@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Details have emerged on how the Nation Social Security Fund (NSSF) lost over Ksh.666.9 million in deals with two fallen ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#primaryimage","url":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg","contentUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2021\/09\/img-6138b5212f0d9.jpg","width":720,"height":360,"caption":"How NSSF Lost 667 Million in Deals With Fallen Banks"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/how-nssf-lost-667-million-in-deals-with-fallen-banks#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/kenya\/"},{"@type":"ListItem","position":2,"name":"How NSSF Lost 667 Million in Deals With Fallen Banks"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/kenya\/#website","url":"https:\/\/www.africa-press.net\/kenya\/","name":"kenya","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/kenya\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts\/34762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/comments?post=34762"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts\/34762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/media\/34761"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/media?parent=34762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/categories?post=34762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/tags?post=34762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}