Geoffrey Kitum IRA
Insurance Regulatory Authority (IRA)
Barely a week after the Insurance Regulatory Authority (IRA) took prompt action on Directline Insurance, the regulator, led by Geoffrey Kitum, is now under scrutiny for allegedly turning a blind eye to gross malpractices and corruption at Trident Insurance Company Limited, thereby putting billions of shillings from policyholders at risk.
Despite serious allegations of corruption, forgeries, and non-payment of claims involving Trident Insurance, the IRA, under Kitum’s leadership, has yet to take any action against the company
Sources close to IRA revealed that Lalji has pocketed several senior officials at the IRA who deliberately overlook the gross misconduct by the billionaire businessman and his company to the detriment of the interests of millions of policyholders and beneficiaries.
Lalji and his company have been forging recommendation letters from hospitals and other institutions to win lucrative multimillion-medical insurance contracts.
For example, the naughty businessman forged recommendation letters from Nairobi Women’s Hospital, MP Shah Hospital, and Mater Misericordiae Hospital among others.
This was to help Trident Insurance Company win a tender for “Provision of MCAS and staff cover KCA/MED/02/23-24 where Trident Insurance Company was awarded a contract worth over Kshs 39,002,526.
This is after presenting a tender bid with fake documents. Sources close to Lalji informed us that he brags that no other insurance company can match his prowess in bribing tender committees in various county governments, and public and private institutions.
The contract was for the provision of outpatient, in-patient, dental, optical, and maternity services. Our investigations have further revealed that EACC is actively investigating this issue.
On the Tender Documents, Lalji and his Company Trident Insurance Company have been using cvs of directors and senior managers who left the Company months if not years ago.
The IRA is aware that the company has been without qualified technical staff but has decided to allow Lalji and his proxies to operate as they wish by siphoning money from the company coffers and diverting monies meant to pay claims which are now running into billions.
Sources from the company have revealed that despite the Billionaire pocketing billions from County Governments in the medical business, the staff working at the Company decry to have their salaries delayed by months and do not have the basic employee benefits including medical covers for them and their beneficiaries.
Our investigations have further revealed that some of the marketers have not been paid for months despite the Billionaire Lalji and his proxies living a luxurious life funded by stolen Policyholders’ money.
We are further informed that any staff who dares complain is laid off and their terminal dues withheld. If one goes to court and gets a Judgement, they cannot execute against the company as Lalji has hired goons who beat up anyone who dares go against his will.
Several assault complaints have been lodged at the Capitol Hill Police Station by people who have been beaten at the company offices for claiming what is rightfully theirs.
IRA is aware of what has been going on at Trident but has decided to play deaf and dumb to the complaints lodged at its offices against the rogue insurer and Lalji.
Sources inside the company have further revealed that some of Lalji’s proxies are foreigners who are not employees of the Insurance Company but have been given the full mandate to be signatories in the Company Accounts.
They withdraw and divert money belonging to the company as they wish and IRA is aware of this and has done nothing to deter the possible scheme to secure the interests of policyholders and beneficiaries.
One of them is a Filipino lady known as Mary Jane, who is the girlfriend of Lalji’s son. Despite having no position in the company, she is a signatory to the company’s bank accounts and withdraws millions of shillings over the counter daily.
The question that begs is this; when will the IRA start to do what they are mandated to do and stop the furtherance of this scheme by Lalji and his proxies to defraud the millions of policyholders and beneficiaries?
When is the IRA going to act as provided for under the Insurance Act to ensure the effective administration, supervision, regulation, and control of the insurance and re-insurance business in Kenya and tame rogue underwriters like Trident Insurance Company until then, WHO IS SAFE?
