Kenyan Port Authority: RBA Orders Audit of Sh4Billion Pension Scheme

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A Sh4 billion housing project by the giant Mombasa-based Kenya Ports Authority pension scheme is set for a forensic audit following claims of irregularities in the venture.

Sources at the Retirement Benefits Authority (RBA) told Nation that concerns have been raised about the transactions on a project by the pension scheme.

RBA, which regulates the scheme, has already invited bids from consultancy firms to conduct the forensic audit which seeks to expose the financial dealings and job contracts in the project within Nairobi’s South C suburb.

The request for a forensic audit of the housing project means that there may be suspected fraud.

“The forensic auditor or investigator appointed shall be required to review the extent of the breach of contractual agreements, if any, and the financial implications, analyse the contracts and or leases between the vendors and the purchasers of the apartments and analyse the costs related to undertaking the project,” the regulator explained.

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Another component the investigations will cover is the scheme’s policies and procedures, including procurement and disposal procedures and in particular, procedures used in identifying the developer and any other provider involved in the housing scheme.

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