Prison risk for using frozen Sh5.6bn linked to top politicians, Nigerians

Business

Prison risk for using frozen Sh5.6bn linked to top politicians, Nigerians


Frozen money concept. FILE PHOTO | NMG

adonija_img

summary

  • The money in six bank accounts that was frozen earlier this month is suspected to be part of a money laundering scheme, according to the Assets Recovery Agency (ARA).
  • The Proceeds of Crime and Anti-Money Laundering Act also warns that any person who willfully refuses or fails to comply with a court order is committing a criminal offence.
  • Corporate-type banks are liable up to a maximum fine of Sh5 million or the value of property involved in the offense, whichever is greater.

Individuals and banks making transactions involving frozen Sh5.6 billion linked to two Nigerians and a powerful politician earlier this month risk multimillion-dollar fines.

The money in six bank accounts that was frozen earlier this month is suspected to be part of a money laundering scheme, according to the Assets Recovery Agency (ARA).

The Supreme Court froze the billions in two local banks after ARA requested that the transfer or withdrawal be blocked pending the filing of a motion for the government to confiscate the money.

“Note that if you, the above accused, or your servants/agents, fail to comply with this order, you will be summoned in contempt of court and face a maximum sentence of six months imprisonment,” Alice Mate said. the Director of ARA in a notice in the Official Gazette.

The Proceeds of Crime and Anti-Money Laundering Act also warns that any person who willfully refuses or fails to comply with a court order is committing a criminal offence.

Corporate-type banks are liable up to a maximum fine of Sh5 million or the value of property involved in the offense, whichever is greater.

Two Nigerians suspected of enjoying the support of a powerful Kenyan politician and two Kenyans have been linked to the Shillings 5.6 billion.

The money was transferred into the country from several countries including Nigeria to three companies identified as OIT Africa Ltd, Avalon Offshore Logistics Ltd and RemX Capital Ltd.

Documents filed by the agency in court show that there are four directors of the companies – the two Nigerians and the two Kenyans – who are said to have all declined repeated subpoenas to explain the origin of the billions.

A search of the company register revealed that Avalon Offshore is owned by Nigerians Jeffrey Nnaoma Michaels and Uduma Okoro Christopher Kalu.

The company was registered in November 2020 and is based in Westlands. The politicians cannot be named for legal reasons.

[email protected]

About Sonia Martinez

Check Also

Bad roads, inefficient ports blamed for high transport costs

Shipping & Logistics Bad roads, inefficient ports blamed for high transport costs Wednesday 04 May …