BY SAM ALFAN.
The High Court has frozen more than Sh5.6 billion wired to three companies suspected to be proceeds of crime.
Justice Esther Maina froze the bank accounts belonging to Avalon Offshore Logistics ltd, OIT Africa ltd and Remix Capital ltd, following an application by Assets Recovery Agency (ARA) that the funds were part of a money laundering scheme.
Two accounts belonging to Avalon Offshore Logistics ltd hold US $374,630.97=Sh.43,120,024.65 and US $ 3,824.66=Sh 480,744.87. Another account, Equity Bank, allegedly holds US $ 22,577, 434.78=Sh.2,598,662,743.18 and USD 827,260. 93=Sh.95,217,733.04, while a fifth account, still in the same bank, holds US $ 18,310748=Sh 2,107,567,152.35.
Another account at United Bank of Africa ltd belonging to OIT Africa has US $ 6, 648, 838.64=Sh.765,281,327.46 held at United Bank of Africa ltd (UBA) belonging to Remix Capital ltd.
“An order of preservation is hereby issued prohibiting Avalon Offshore Logistics ltd, OIT Africa ltd and Remix Capital ltd their employees, agents, servants or any other persons acting on their behalf from transacting, withdrawing, transferring or dealing in any manner howsoever in respect of any profit or benefits derived or accrued accounts,” the application by ARA stated.
ARA submitted that there are reasonable grounds and evidence demonstrating that the funds are direct or indirect benefits, profits or proceeds of crime obtained from a complex money laundering scheme.
The court heard that they should be preserved, pending a petition to be forfeited to the government and are liable to be preserved pending filing, hearing and determination of intended forfeiture application in accordance with Section 90 of the Proceeds of Crime and Anti-Money Laundering Act, 2009″, Agency told the court.
“It is in the interest of justice that preservation orders do issue prohibiting Avalon Offshore Logistics ltd, OIT Africa ltd and Remix Capital ltd or their agents or representatives from dealing in any manner with the aforementioned assets,” ARA urged the court.
The court heard that the agency received information on February 11, 2022, on a suspected case of money laundering scheme and acquisition of proceeds of crime involving multiple money transactions.
The agency said the source of the billions were foreign jurisdiction but the owners could not explain the origin.
The three companies, according to ARA, are suspected to be part of a syndicate involved in a complex money laundering scheme and the bank accounts of the respondents are used as a conduit of complex money laundering.
According to the court documents filed before High Court Anti-Corruption Division, investigations have established that the Avalon Offshore Logistics ltd, OIT Africa ltd and Remix Capital ltd executed a complex scheme of money laundering designed to conceal, disguise the nature, source, disposition and movement of the illicit funds, suspected to constitute proceeds of crime and which are the subject matter of the suit by Asset Recovery Agency.
According to ARA the analyses of the three companies bank accounts established that they all conducted reasonably suspicious transactions that depict classic money laundering which are reasonably believed to have been intended for the acquisition of proceeds of crime and the commission of crime.
