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Court Freezes Sh287 Million Belonging to Two Foreigners Linked to Money Laundering

money-with-handcuffs

[Photo/Courtesy]

A High Court on Tuesday froze over Sh287 million belonging to two foreigners.

The funds, believed to be proceeds of crime will be held for 90 days.

Anti-corruption court judge Esther Maina allowed the application by Assets Recovery Agency (ARA) to preserve the funds belonging to Jean-Paul Tshikangu Musangu (Belgian) and Venan Mabiala (Congolese).

The funds are held in three accounts at Stanbic Bank.

Read: Sudanese Minister of Cabinet Affairs Cleared of Money Laundering Charges by a Nairobi Court

The suspects are directors of Group Elykia Limited; a London based company, without a physical address in Kenya.

Justice Maina also ordered that Sh197.5 million held in company bank account be frozen for a period of three months.

The preserved monies include; $1,747,105.15 (Sh 197,510,237.21) held in the name of Group Elykia Limited, $305,950.87 held in the name of Masangu and $488,423.25 held in the name of Mabiala, all at Stanbic Bank.

“That preservation orders are hereby issued prohibiting the respondents, from transacting or dealing in any manner whatsoever, in respect to the funds in the three bank accounts,” she ruled.

Read Also: Flashy Nigerian Instagrammer Hushpuppi Pleads Guilty to Money Laundering Charges

Justice Maina also prohibited the selling or dealing with a motor vehicle (Reg No KDE 033S) Mercedes Benz, registered under Mabiala.

The car is believed to have been bought at Car Warehouse Limited using proceeds of crime.

National Transport and Safety Authority (NTSA) Director General was also ordered to register a caveat against the record of the aforementioned vehicle.

The suspects and Car Warehouse Limited, were ordered to surrender the said motor vehicle and its original logbook to the State, with immediate effect, pending the hearing and determination of the suit.

Read Also: Chinese National Deng Kai Suspected of Money Laundering, Human Trafficking Detained

The court heard that the firm and the its directors used the accounts in question, to launder money under the pretense of supplying wood/timber from Democratic Republic of Congo to foreign jurisdictions.

Court records show that no timber has been supplied in the country.

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Written by Eva Nyambura

Content creator at Kahawatungu.com | Passionate about telling the untold story. Lover of life, music and technology. Simplicity is KEY

Email: news@kahawatungu.com

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