The Supreme Court in Kampala has released on bail, David Chandi Jamwa,the former Managing Director for National Social Security Fund.
Jamwa’s bail that he had got in 2011 was early this year cancelled when the Court of Appeal in Kampala quashed an application challenging his 12 year sentence on charges of causing financial loss to government.He would later declared intention to appeal the sentence by the Anti Corruption Court and subsequently applied for bail in the Supreme Court.
On Tuesday Justice Stella Amoko Arach said she had been satisfied with the application by Jamwa for bail and subsequently released him pending his appeal.
“He is released on a cash bail of shs10 million and he is required to surrender to the court registrar his passport with a promise that he will not apply for a new one when it expires in October 2018,”said the judge in a ruling read by Godfrey Opefen, the court registrar.
In his bail application, Jamwa said he was suffering from obesity and hypertension, conditions which require special attention and a balanced diet that would only be got outside prison.
“He stands a risk of suffering cardiac arrest while in prison.”
The judge noted that there is a likelihood of delay in hearing of Jamwa’s appeal because of the practice of dealing with cases filed first before the new ones are dealt with.
The judge asked each of the five sureties to pay a non cash bail of shs500 million on top of depositing a shs2.5 title for a property in Munyonyo under the name of Catherine Jamwa,the wife to the former NSSF Managing Director.
The panel of justices of the Court of Appeal in January contended that evidence showed that the sale of government bonds by NSSF, headed by Jamwa only two days to their maturity led to a financial loss to government.
Quoting one directors from Bank of Uganda, the judges in their judgment argued that Crane bank that bought the bonds made alot of profits when they sold them only two days after buying them from NSSF.
The judges wondered why Jamwa as the NSSF Managing Director was in a hurry to sell off the bonds only two days to their maturity date having been kept for over three years but sold below the guaranteed price.
“We find that he 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. “