Former senior employees of British American Asset Managers (BAAM) last week accused the ex-employer of denying them audit reports that formed the basis for the recommendation for them to be charged with an alleged theft of more than Sh1 billion.
The former employees led by ex-managing director Edwin Dande told the Supreme Court that they should be furnished with a forensic audit report prepared by KMPG, a legal audit by Coulson Harney and a settlement deal between BAAM and Acorn Group.
Through their lawyer senior counsel Tom Ojienda, Mr Dande said the criminal investigations against them were based on the audit reports and they should be supplied with them to prepare for their defence.
“The main basis for the request was the need to show that the investigations and the prosecution had no factual basis. Courts have in the past quashed criminal charges that did not have a factual basis,” Prof Ojienda submitted.
The Director of Public Prosecutions recommended charges of theft by servant against Mr Dande, Elizabeth Nkukuu (former senior portfolio manager) and Patricia Njeri (former head of legal services) over claims that they transferred more than Sh1 billion from BAAM, a subsidiary of Britam without authority.
BAAM had entered into a joint venture with Acorn Group Ltd to develop properties, where the former would finance the projects.
The two entities formed special-purpose vehicles to execute the projects. The funds were allegedly transferred between April 2014-July 3, 2014 to acquire and develop properties in Kileleshwa.
Prof Ojienda told a bench led by Chief Justice Martha Koome that the main shareholders of Britam were not comfortable with the fund managers’ agitation to protect the interest of BAAM clients, leading to their fallout.
The former managers said they were never allowed to give their side of the story, adding that the police and the DPP discriminated against them by leaving out five other managers who were part of the disbursement of the funds.
Prof Ojienda said nine senior officials were signatories to the disbursement and if there were criminal acts, then all of them should be charged.
