The Chief Executive Officer (CEO) of Local Authorities Provident Fund (LAPFUND) David Koros is a man who is getting away with plunder of the parastatal.
As the CEO, he together with the head of finance Mr Mbogo and the head of Procurement Mr Kibet were accused of massive looting of the corporation’s money.
In the construction of the Mavoko Gardens Estate in Syokimau, Koros is said to have pocketed over Sh60 million from the project that was supposed to cost Sh700 million. The kickbacks have pushed the costs to over Sh1 billion.
Shoddy works undertaken in the construction of Golf View Apartments has meant tat the project which cost Sh1.5 billion is being renovated at Sh133 million.
The CEO in collusion with his henchmen at LAPFUND bought a piece of land in Kitengela at an inflated cost of Sh10 million per acre. The Kitengela land which was 30 acres was valuated at Sh5 million per acre.
The land is disputed by the owners and they have taken LAPFUND to court. The land in Bellevue South C was purchased at 500 million per acre. A suspicious payment of an extra over 300 million was paid in early 2019 one year after the transfer was done.
Koros is also accused of funding useless international trips ostensibly for training of staff members, some of which are ladies that sleep with him.
Restricted tenders, which are curiously given to proxies, are the order of the day.
A procurement of Architectural/property development consultants costing over Sh150 million was done through restricted tender against the PPAD Act regulations in June/July 2019. LAPFUND is not a security body thus should float tenders publicly. Many other tenders amounting to millions of shillings are procured through quotation i.e. Valuation of properties at Sh 32 million was done in July/August 2019
The CEO has entertained illegal recruitment of staff without approval by the National Treasury or the board. This comes even as mismanagement is rife, with the property portfolio being over 10% threshold recommended by Retirements Benefits Authority (RBA).
In the Golf View Apartment’s saga, funds amounting to over Ksh 11 million, which was stolen, has been written off in as Bad Debts.
The state corporation has been sneaky with its statements of accounts so as to hide theft and looting of funds.
“Contributors funds are not properly reconciled and statements not issued due to plunder of the resources”, said a source
Despite complaints to Ethics and Anti-Corruption Authority (EACC) and RBA, business as usual has persisted.
Kenyanbulletin.com has learnt that the CEO survives by bribing and compromising anybody who tries to raise a finger. His protectors are mostly politicians.
If this trend continues, the fund will be depleted of pensioners’ benefits.