Interior Cabinet Secretary Fred Matiang'i has turned to the International Criminal Police Organisation (Interpol) for help in dismantling a network of corporate fraud.
According to a report published by the Business Daily on Monday, March 2, the government will be cooperating with Interpol to track laundered cash and punish the perpetrators.
According to the CS, some of the cash is believed to have been laundered by heads of retail chains and banks who he suspected invested the loot outside the country.
“It is disgraceful that a supermarket chain that has been operating in the country for decades suddenly collapses because some people are moving money out of the country, leaving local suppliers high and dry."
"We will invoke all international instruments available to us through Interpol and collaborative agencies from other governments in defence of the interests of our people," stated Matiang'i.
Matiang'i regretted the negative impact money laundering was having on Small Medium Enterprises (SMEs) doing business with the suspect companies.
So dire is the situation that the CS disclosed some SMEs ended up cutting jobs or closing down altogether after putting up with poor cashflows for months on end.
Matiang'i's sentiments come at a time when the Directorate of Criminal Investigations (DCI) is looking into the defunct Nakumatt's CEO Atul Shah over theft of the institution's money.
The tycoon and his family members are suspected to have laundered money from the retail giant.
Prior to its closure, Nakumatt had accrued a debt of more than Ksh38 billion with Ksh18 billion owed to suppliers.
