WHY STATE AGENCY WANTS MONEY PAID TO SEVERAL COMPANIES FORFEITED TO THE GOVERNMENT.

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BY SAM ALFAN.

Assets Recovery Agency now wants more than Sh316 million paid to several individuals by state agencies forfeited to the government.

In the petition, the agency said the funds which were frozen last year are proceeds of crime and should be forfeited to the government as they are suspicious payments.

In court documents, the agency wants Sh25.8 million held in the name of Jaruh Supplies, Sh45.5 million held in the name of Cailytech solution at Equity Bank, Sh4.7 million, Sh147.15 million held in the name of Sinatab agency and Sh1.7 million in the name of Five zone limited at Equity Bank all associated with Ruth Nyambura James forfeited to the government.

The agency also wants Sh31.7 million held in the name of Stekmo limited Enterprise at Equity Bank and Sh1.2 million held at Equity Bank in the name of Famotech supplies both businesses are associated with Stephen Musyoka Kinyamasyo, be forfeited to the government. 

In the petition, the agency wants the court to direct the funds be deposited in the government bank account held at Kenya Commercial Bank at KICC in the name of Asset Recovery Agency. 

Last year, Justice James Wakiaga issued orders stopping Ruth Nyambura James and her companies as well as Stephen Musyoka Kinyamasyo, his companies and employees from dealing with the funds in the said accounts.

“I hereby grant temporary preservation order against all respondents, their agents, employees, servants or any person from acting on their behave from transacting, withdrawing, transferring and dealing in any manner however in respect of any profits or benefits or account in respect of the specified in the named bank accounts,” ordered judge Wakiaga.

Corporal Fredrick Muriuki, an investigating officer told the court that the agency received information of suspected complex money laundering and proceedings of crime.

The funds were paid to the firms from the Office of the President, Ministry of defense and ministries of Interior and Treasury. 

The agency said it initiated investigations into activities of the businesses in question from December 2014 to July 2020 with view of identifying the trade they were involved in.

An analysis of the bank statements, ARA said established that the companies received more than Sh316 million.

However, the monies were multiple payments from the same government ministries and state agencies in suspected scheme of money laundering and fraud in an effort to conceal , disguise the nature , source, deposition and movement of illicit funds.

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