Bruce Odhiambo the brains behind Johari Cleff production house has churned out hit after hit after hit after hit. Pitson's Niache Niimbe is proof of that.
However, despite this stroke of genius, Bruce who was appointed by President Uhuru to head the Youth Enterprise Development Fund Board, is now being accused of being dubious.
Apparently the Youth Enterprise Development Fund Board cannot account for Sh155 million that may have been irregularly withdrawn from an investment account.
According to media reports, the Fund had invested Sh400 million in a bank fixed deposit account that was to mature in two months at an interest rate of 10.5 per cent.
Upon maturity, the then CEO, Catherine Namuye, transferred Sh180 million to a company called Quorandum Limited and another Sh65 million to the Fund. Interestingly, there is no contract to show what consultancy services Quorandum undertook for the Youth Enterprise Fund.
The Fund cannot account for the balance of Sh155 million left in the account.
Yesterday, Bruce admitted having acted unilaterally in appointing Namuye, the suspended CEO, as the sole signatory to the bank account. He appeared before Parliament’s Public Investments Committee, where he admitted going against a Board resolution that sought to increase the number of bank signatories for the Fund investments accounts.
“I acted unilaterally in accordance with what the management, through the chief executive officer, asked me to do without Board approval,” Odhiambo said, after the MPs accused him of not cooperating.
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