Court dismisses former NSSF MD Jamwa’s appeal, to serve 12 year jail term

The Court of Appeal has ruled that the Anti – corruption court rightly convicted the former Managing Director of the National Social Security Fund (NSSF) upholding the 12-year jail term earlier handed to Jamwa.

In 2011, the Anti-Corruption Court found Jamwa guilty of causing financial loss of Shs 3.1bn to government by selling NSSF bonds to Crane Bank before their maturity dates, but Jamwa challenged section 20 of the Anti-Corruption act by which he was convicted and was released on bail.

The judges had ruled that Jama authorised the selling of government treasury bonds to Crane Bank before their maturity date well aware that it would cause financial loss to NSSF.

The Court of appeal justices has found that that the anti corruption court properly evaluated the evidence and rightly convicted Tezra Jamwa.

They noted that Jamwa hurriedly sold off the bonds below the guaranteed price only two days to their maturity.

Citing evidence by one of the Directors of Bank of Uganda, the justices found that Crane bank that bought the bonds made huge profits when they sold only two days later.

“We find that Jamwa had reason to believe his act would cause financial loss but went ahead and sold the bonds below the guaranteed price causing a financial loss to government, ” said the court of appeal.

The justices found no merit in Jamwa’s appeal of the sentence and dismissed it.