A Nairobi based re-insurance broker was on Monday arraigned in court over theft of Sh11.8 million. Underwriting Africa Ltd Chief Executive Officer Cecilia Bridget Rague allegedly failed to remit reinsurance premiums paid to her company by Sanlam General Insurance. Rague was accused of withholding part of the Sh 13.3 million she received from the insurance company for remittance to the various re-insurers. Investigations by the Insurance Fraud Investigation Unit (IFIU) revealed that the broker, allegedly only paid Sh1.4 million withholding a total of Sh11.9 million. The accused was released on a Sh1 million cash bail or a Sh2 million bond with a surety of a similar amount as the next hearing scheduled for December 10 2021.

Source: The Star September 21, 2020 14:15 UTC