KAMPALA- The Court of Appeal has upheld the 12-year jail term that was handed to Mr David Chandi Jamwa, the former managing director of the National Social Security Fund (NSSF).

In 2011, the Anti-Corruption Court found Jamwa guilty of selling NSSF bonds to the defunct Crane Bank before their maturity dates, which caused the Fund a financial loss of Shs3.1b.

But he appealed the sentence and has been out on bail since 2011.

The court’s deputy registrar, Mr Tadeo Asiimwe, last week directed Jamwa’s lawyers, AF Mpanga Advocates, and the IGG who has been prosecuting the case, to appear on Monday for the verdict.

Justices Kenneth Kakuru and Rubby Opio Aweri wrote the majority judgment in which they agreed with retired Anti Corruption court judge John Bosco Katutsi that the act of Jamwa selling the government bonds held by NSSF to Crane Bank before their maturity dates, caused the Fund a financial loss of Shs3.1b.

"We are in agreement with trial judge that the sake of the bonds before maturity constituted a financial loss to the Fund. The appellant was much aware that the sale would cause a loss to NSSF but He sold them anyway," ruled the majority judges.

Then deputy chief justice Steven Kavuma, refused to sign his dissenting judgment. The Court noted that they could not reduse on Jamwa's-12 year sentence since he had not asked so.

The judges after evaluating the evidence found out that there was sufficient evidence to sustain the charge of causing financial loss to NSSF and abuse of office.

This implies that his bail has been cancelled and he returns to Luzira to serve his sentence he had served for a few months before he was released on bail.