Banks, Individuals Warned Against Transacting KSh 5.6 Billion Frozen Funds

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Individuals and banks that will transact KSh 5.6 billion that was frozen by the High Court risk multimillion fines.

According to the Assets Recovery Agent (ARA), the money in six bank accounts was linked to two Nigerians and a local politician.

The money was frozen early this month and it is suspected to be part of a money laundering scheme.

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The High Court froze the money after ARA applied to block transfer or withdrawal of the funds.

In a gazette notice, Director of ARA Alice Mate warned the respondents of dire consequences should they disobey the court order.

“Take notice that if you, the above-named respondents or your servants/agents disobey this order, you will be cited for contempt of court and shall be liable to imprisonment for a period of not more than six months,” Mate said.

The Proceeds of Crime and Anti-Money Laundering Act also supported the same, arguing that disobeying the court order equals to an offence.

Banks are liable to a fine not exceeding Sh5 million or the value of the property involved in the offence, whichever is the higher.

The money which was wired from multiple countries to three companies namely OIT Africa Ltd, Avalon Offshore Logistics Ltd, and RemX Capital Ltd.

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Documents filed in court by the agency show that there are four directors of the firms.

For instance, Offshore Logistics is owned by Nigerians Jeffrey Nnaoma Michaels and Uduma Okoro Christopher Kalu.

The name of the Kenyan politician has been withheld due to legal reasons.

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