February 27, 2012
Kenya's Ethics and Anti-Corruption Commission (EACC) said they averted than 3.9 billion shillings ($47 million) in losses during fiscal year 2010-2011, Kenya's Daily Nation reported on Sunday (February 26th).
In its annual report, the EACC said the largest loss it prevented was the fraudulent sale of houses built under the auspices of the Kenya Railways Retirement Benefits Scheme (KRRBS), which would have caused the loss of more than 2 billion shillings ($24 million). The EACC said that trustees on the KRRBS board of the retirement scheme intended to embezzle the money.
"We are still carrying out investigations at KRRBS on embezzlement and mismanagement of assets belonging to the body by some trustees," the EACC said in its report.
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