The Assets Recovery Agency has obtained orders to freeze millions of cash belonging to three companies.
The companies are Avalon Offshore Logistics Limited, OIT Africa Limited and Remix Capital Limited.
Avalon holds a total of Sh 43 million at Equity Bank, OIT holds a total of Sh 5 billion at Equity Bank and United Bank of Africa while Remix holds a total of Sh 765 million at United Bank of Africa.
“Orders of preservation are hereby granted prohibiting the respondents and/or their representatives, employees, agents, servants, or any other person acting on their behalf from transacting, withdrawing, transferring and/or dealing in any manner howsoever in respect of the said funds,” ruled the Deputy registrar.
The court also prohibited them from transacting, withdrawing, transferring, and/or dealing in any manner in any profits or benefits derived or accrued from the said funds.
According to the investigating officer Fredrick Musyoka, the agency received information on 11th February 2022 on a suspected case of money laundering schemes and acquisition of proceeds of crime involving multiple money transactions.
Method of transaction
These transactions are conducted through bank accounts of the respondents in US dollars and Kenya shillings mainly from foreign jurisdiction whose source has no legitimate explanation.
“The respondents are suspected to be part of a syndicate involved in a complex money laundering scheme and their bank accounts are used as a conduit of complex money laundering,” officer Musyoka said.
The court heard that investigations have established that the respondents executed a complex scheme of money laundering designed to conceal, disguise the nature , source, disposition and movement of the illicit funds.
Officer Musyoka further said that there are reasonable grounds and evidence demonstrating that the said funds are direct or indirect benefits, profits and/or proceeds of crime obtained from a complex money laundering scheme and are liable to be preserved pending the hearing and determination of the intended forfeiture application.
In addition, the court was informed that there is imminent danger the respondents shall dispose, transfer and dissipate the said assets unless the court issued the preservation orders.
“It is in the interest of justice that preservation orders do issue prohibiting the respondents and/or their agents or representatives from dealing in any manner with the aforementioned assets,” Musyoka said.
