Court slaps agent with a Ksh2.8M fine for stealing Ksh6.1M
By Zipporah Ngwatu, April 7, 2026A Nairobi court has slapped an agent with Ksh2.8 million for stealing from two investment companies that had entrusted him with their property contrary to section 268(1) as read with 283(C) of the Penal Code.
Peter Gathungu Gikonyo, an agent based within Nairobi County, has been found guilty of stealing more than Ksh6.1 million from Kaggs Investment Limited and Keithian Investment Limited between June 29, 2020, and September 1, 2020.
Milimani Chief Magistrate Dolphina Alego, on Tuesday, April 7, 2026, stated that the Directorate of Public Prosecution (DPP) had proved beyond a reasonable doubt that the convict had committed the crime of stealing by agent.
The court found Gathungu guilty of stealing as an agent from Kaggs Investment Limited a sum of Ksh4,390,560, the property that the said company had entrusted to him to retain safe custody.
Further, the court also found the convict guilty of stealing as an agent from Keithian Investment Limited a sum of Ksh1,743,340, the property of the said company, which he had been entrusted to retain in safe custody.
Committed on diverse dates
Gathungu committed the two offences on diverse dates between June 29, 2020 and September 1, 2020, in Nairobi County.
Magistrate Alego has sentenced the agent to serve 24 months in custody or alternatively pay a fine of Ksh2 million in the first count, where he stole a sum of Ksh4,390,560.
Notably, on the second count, the court has sentenced the agent to 12 months in custody with an alternative of paying a fine of Ksh800,000.
“For count one the court herein fines the accused person to pay a fine of Ksh2 million, in default 24 months in custody, and for the second count herein fines you a fine of Ksh800,000, in default 12 months in custody,” Magistrate Alego ruled.
“I have realised that the Act does not extend the option of a fine, but I have extended that graciously. You have a right of appeal within 14 days,” Magistrate Alego ruled.
According to the court, prosecution witnesses, including the complainant, Charles Kibandi Kaguoya of Kaggs Investments Limited, presented evidence indicating that the convict stole millions of shillings without his consent.
Kibandi, who is the complainant, through his lawyer Justus Kiunga told the court that the transactions of the said sum of money were carried out irregularly and without proper authorisation.