𝗙𝗿𝗶𝗱𝗮𝘆, 𝗠𝗮𝗿𝗰𝗵 𝟭, 𝟮𝟬𝟮𝟰

 The Public Investments Committee on Social Services, Administration, and Agriculture (PIC-SSAA), chaired by Hon. Emmanuel Wangwe (Navakholo), met with the Managing Trustee/CEO of the National Social Security Fund (NSSF), Mr. David Koros who appeared before the Committee to respond to queries raised in the Auditor General's report for the Fiscal Year 2020/2021.

 During the meeting, the Committee delved into the audit queries concerning the Financial Statements of NSSF for the Financial Year 2020/2021. Specifically, they requested the Memorandum of Understanding and contractual agreement related to NSSF's investment in the East African Breweries Limited (EABL) corporate bond issued in April 2017, prompted by an omission of interest income amounting to approximately Kshs.16 Million. 

Although Mr. Koros acknowledged the recording of interest earned from the EABL corporate bond in the cashbook on 28/06/2021, he did not provide supporting documentation. The Committee emphasized the necessity of such documents, saying that investments require formal agreements and urged NSSF to furnish the required evidence. 

"I want to get evidence of your investment with EABL," said Hon. Wangwe. 

In his response Mr. Koros told the Committee that all investments are done by fund managers.   

"Mr. Chairman, Sir, all investments are done by the fund managers and therefore, all the contractual documents are with them," he said.