NewsReprieve for 3 Nigerian Companies as Kenya Drops Money...

Reprieve for 3 Nigerian Companies as Kenya Drops Money Laundering Case

-

- Advertisment -spot_img

  • The Asset Recovery Agency -ARA has cleared three Nigerian firms, Avalon Offshore Logistics Limited, OIT Africa Limited, and RemX Capital Limited which were linked to Sh 5.7 billion international money laundering. 

    High court judge Lady Justice E,N Maina  on September 7 gave an order restricting the agency from freezing their money citing an affidavit by ARA’s investigator Fredrick Musyoki.

    “The money was mainly from foreign jurisdiction and when we summoned the directors, they could not explain their sources which made us believe they are proceeds of crime liable for forfeiture to the State,” Musyoki affidavit read.

    A file image of EACC boss Twalib Mbarak and DPP Noordin Haji having a conversation.
    A file image of EACC boss Twalib Mbarak and DPP Noordin Haji having a conversation.
    File

    The agency had earlier claimed that the firms were owned by two Nigerians and two Kenyans who had registered as directors but are serving as proxies for powerful individuals.

    It is not the first time Nigerian firms have been put on spot over money laundering in Kenya. In 2021, the high court  ordered that the accounts of two Nigerian fintech startups, Korapay and Kandon technologies frozen with over sh45 million.

    The agency had filed a lawsuit in July this year accusing the three firms for laundering money in the country from foreign jurisdictions.

    However, the fintech firm denied the allegations saying its anti-laundering money is usually regulated by big firms.

    “Claims of financial improprieties involving the company in Kenya are entirely false, and we have the records to verify this. We are a financial technology company that maintains the highest regulatory standards in our operations. Our Anti-money laundering practices and operations are regularly audited by one of the Big four firms,”

    Further, the agency had frozen the firm’s account after it secured orders from the court that prevented it from conducting business.

    The agency is currently looking into a case where sh 7 billion was found in accounts in several local banks  linked to Flutterwave Payment Technology Limited.

    The Asset and Recovery agency was formed after the Kenya Proceeds of Crime and Anti-Money Laundering Act in 2009 was enacted to guard against money laundering processes and other financial crimes

    The agency is now tasked with identifying, tracing, freezing, seizing and confiscating crime and financial proceeds in Kenya.

    Flutterwave responds to allegations of money laundering by ARA on Thursday, July 7, 2022.
    Flutterwave responds to allegations of money laundering by ARA on Thursday, July 7, 2022.
    Courtesy
  • Source: kENYANS.CO.KE

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest news

    Ex-Govt Official in Ksh1.3 Billion Scandal Hospitalised After Court Release

    Former Nairobi Provincial Commissioner Davis Nathan Chelogoi is set to receive ongoing medical treatment at a hospital in the...

    Raila Allies Pile Pressure on Ruto as Talks Hit Dead End

    National Assembly Minority Leader Opiyo Wandayi, a close ally of opposition leader Raila Odinga and a senior member of...

    'They’re Jealous of Me', Nakhumicha Over Recent Criticism

    Cabinet Secretary (CS) for Health Susan Nakhumicha has strongly condemned the individuals criticising her over allegations of underperformance within...

    Court Orders City Lawyer Behind Ksh 283M Scam to Refund Loot

    The High Court on Thursday ordered a Nairobi lawyer to refund Ksh25 million he is accused of obtaining fraudulently. While...
    - Advertisement -spot_imgspot_img

    How to Buy Cryptocurrency with M-Pesa in Kenya: A Step-by-Step Guide on Binance

    Are you a Kenyan interested in purchasing cryptocurrencies using M-Pesa? Although direct purchases of cryptocurrencies via M-Pesa are currently...

    How to Buy Bitcoin with M-Pesa in Kenya: A Step-by-Step Guide on Binance

    Are you a Kenyan interested in buying Bitcoin using M-Pesa? While there's currently no direct way to purchase Bitcoin...

    Must read

    Ex-Govt Official in Ksh1.3 Billion Scandal Hospitalised After Court Release

    Former Nairobi Provincial Commissioner Davis Nathan Chelogoi is set...

    Raila Allies Pile Pressure on Ruto as Talks Hit Dead End

    National Assembly Minority Leader Opiyo Wandayi, a close ally...
    - Advertisement -spot_imgspot_img

    You might also likeRELATED
    Recommended to you