By Kampala Post Reporter
The Court of Appeal has upheld the 12-year jail term that was given to Mr Chandi Jamwa, the former managing director of the National Social Security Fund (NSSF).
The sentence dates back to 2011 when the Anti-Corruption Court found Jamwa guilty of selling NSSF bonds to the now defunct Crane Bank.
The sale reportedly resulted in the loss of at least Shs3.1b by NSSF since they were sold before their maturity dates.
Jamwa who has been out on bail since 2011 after a court appeal will now serve his 12 sentence after the verdict delivered today (Monday). Jamwa now returns to Luzira to continue serving his sentence after his bail was cancelled following the verdict.
Three justices ruled that the trial judge John Bosco Katutsi who sentenced Jamwa in 2011 properly evaluated the evidence and reached the right conclusion.
According to the judgement read by Justice Kenneth Kakuru, Jamwa was well aware that selling government treasury bonds to Crane Bank before their mortality date would cause financial loss to his employer but instead he went ahead to authorize the sale.