A British company will invest Ksh450 million stashed in offshore accounts in Jersey Island as part of a money-laundering scheme into the government's Universal Health care project.
According to a statement by the organisation on Tuesday, March 21, the move is part of an asset recovery programme through the Framework for the Return of Assets from Corruption and Crime in Kenya (FRACCK).
FRACCK is an agreement signed by the Governments of Kenya, Switzerland, the United Kingdom and Jersey. The framework came into operation on December 11, 2018 when Jersey, the last of the four parties, signed the agreement to return stolen funds to Kenya.
“We are currently working closely with the Governments of Kenya and Jersey to reinvest Ksh450 million (three million pounds) of looted funds hidden in Jersey into the Kenyan health sector.
“Through the Framework for the Return of Assets from Corruption and Crime in Kenya (FRACCK), an asset recovery programme signed by the Governments of Kenya, Jersey, the UK and Switzerland,” the statement read in part.
Further, to allow for the smooth implementation of the programme, the company increased the number of its Kenyan staff and put local experts in charge of the operations.
“We have tripled our staff in Nairobi, appointing Kenyan experts to manage parts of our global strategy and programmes.
“We are now managing global recruitment from Nairobi, as well as our global fund management strategy,” added the institution.
The British institution further detailed that they were leading other projects in the country, including tackling Neglected Tropical Diseases by facilitating the administration of Ksh8.5 million treatments.
“The treatments were funded by the UK Foreign, Commonwealth and Development Office (FCDO) and the Children’s Investment Foundation (CIFF) as part of their effort to eradicate NTDs globally,” noted the statement.
Earlier in March 2022, Jersey's Attorney General, Mark Temple, stated that Ksh450 million was seized from a Jersey-based company, which was suspected to be part of a money-laundering scheme.
After thorough investigations, it was discovered that two powerful individuals from Kenya were linked to the company.
"Corruption is not a victimless crime. It has both direct and indirect consequences for people living in countries where corrupt practices have taken place," stated Temple.
