KAMPALA - Former National Social Security Fund (NSSF) managing director David Chandi Jamwa on Monday lost his appeal against his jail sentence.

The Court of Appeal ruled that his 12-year jail term, handed to him nearly seven years ago, stands.

The verdict means Jamwa, accused of causing sh2.7b to the pensions body, will have to remain behing bars. He has also been barred from holding a public office for 10 years.

In 2011, Jamwa was sentenced to a dozen years behind bars by then Anti-Corruption Court judge John Bosco Katutsi after he found him guilty of the charge.

However, Jamwa appealed his conviction and sentence at the Court of Appeal, which also granted him bail, pending determination of his sentence.

It is alleged that between September and November 2007, Jamwa arbitrarily sold off several NSSF bonds to Crane Bank before their maturity dates, which led to the loss of sh2.7b.