Youth Fund suspends 7 over loan payments

The Youth Enterprise Development Fund has sent home seven staff members over irregular loan disbursements and invited the Directorate of Criminal Investigations to pursue the issue.

In a letter signed by Ronald Osumba, Youth Fund’s board chairman, among those suspended are the Lending and Investment Manager and the Senior Accountant.

Their suspension follows an audit report tabled before the board on March 2, 2018.

Mr. Osumba also said there will be wide ranging staff changes across the entire organisation with a special interest in the Finance and Credit departments.

“I wish to reiterate the commitment of my board to transform the Youth Enterprise Development Fund into a world class, responsive, open, transparent and accountable entity that embraces efficiency and costumer focus,” he said.
The board also invited Treasury to carry out a special and independent audit to determine the extent of the problem.

Since taking over the Youth Fund after corruption allegations got a few top heads fired, Mr. Osumba says he has made some far-reaching changes.

“Streamlining the Funds governance and institutionalising policies to ensure transparency and accountability,” reads the statement.