Matatu Owners Association chairman Albert Karakacha
Photo/ Courtesy
The chairman of the Matatu Owners Association (MOA), Albert Karakacha, is at the centre of a storm after being charged in connection with a Sh309 million fraud involving Invesco Assurance Company.
Karakacha, alongside seven others, appeared before Milimani Principal Magistrate Paul Mutai on Wednesday where they denied three counts of conspiracy to defraud the insurance firm.
Also charged were Compliant Insurance Agency, Daniel Wekesa Nalyanya, Michael Ng’ang’a Kibara, Ruth Waangari Mwasalu, Antony Githinji Ngerere, Hilda Wambui Karanja, and Lameck Gisore Ongere.
https://www.standardmedia.co.ke/nairobi/article/2001520448/matatu-owners-association-chairman-charged-in-sh309-million-insurance-scam
According to the charge sheet, between April 26 and August 13, 2024, the accused conspired with unnamed individuals to siphon Sh309,207,570 from Invesco Assurance.
The funds were allegedly funneled irregularly into the account of Compliant Insurance Agency under the guise of premium payments.The case is scheduled for mention on June 12.
The development is especially striking given Karakacha’s vocal stance against corruption when he took over the leadership of the MOA in June 2023.
At the time, he pledged sweeping reforms and vowed to work closely with anti-corruption agencies to “clean up” the transport sector.
“We will sit down with the anti-corruption agency to see how we are going to help the industry bring down corruption,” Karakacha said during his swearing-in last year.
