The High Court dealt a blow to a Kenyan tycoon after it delivered a ruling ordering the freezing of money worth over Ksh125 million that the individual is reported to have obtained from proceeds of crime.
In a ruling made by Justice Esther Maina on October 31 and published in the Kenyan Gazette on Friday, November 15, the judge ruled that the individual be prevented from transacting the money held in two separate accounts.
The court ruled that the individual, his company and agents be prevented from transferring or using the money that is held at one of the local banks. Ksh123 million is in dollar denomination valued at USD949,463.41.
‘’Upon consideration of the Application dated October 30, 2024, brought by way of certificate of urgency under sections 81 and 82 of the Proceeds of Crime and Anti-Money Laundering Act, 2009, Order 51 Rule 1 of the Civil Procedure Rules and upon reading the affidavit in support of the motion by Benard Gitonga,’’ Justice Maina ruled.
''It is hereby ordered as follows, that a preservation order be and is hereby issued prohibiting the respondents and/or its agents or representatives from transacting, withdrawing, transferring, using, and any other dealings in respect of funds held in the following accounts; USD949,463.41,’’ she added.
Further, the court dealt another blow to the tycoon after it issued an additional order freezing another Ksh2.5 million that is held under the same bank account.
The tycoon is set to be affected by the order after the court ordered that the money be frozen for 90 days as investigations continue on to the source of the money.
The ruling meant that the tycoon would only be able to use it after January next year when the freeze period on the money shall have elapsed.
''It is hereby ordered that Ksh2,469, 558 held in Account Number 01022570000031 in the name of Mose and Company held at Sidian Bank. 2. That the preservation order shall be for a period of ninety (90) days as provided in section 84 of the Proceeds of Crime and AntiMoney Laundering Act and shall, be served upon the Respondents within twenty-one (21) days. Given under my hand and the seal of the Court this 31st day of October 2024. Issued at Nairobi this November 4, 2024,’’ Maina ruled.
Consequently, the court ordered the tycoon not to disboy the directivess, noting that should that happen then they would be charged for contempt of court.
''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,’’ the court added.
