BY SAM ALFAN .
The High Court has frozen over Sh13.3 million belonging to two private jet airline operators over claims of money laundering.
The presiding judge of the Anti-Corruption Division of the High Court Esther Maina froze four dollar and Kenya shilling accounts belonging to Cullinan Private jets Corp limited and Glo-jet International ltd.
The judge prohibited the operators or their agents or representatives from transacting, withdrawing, transferring, using and any other dealing with the money in the bank accounts.
The Bank accounts includes USD 54, 257.85 , Sh 696,070.70 held in Account Number 01904057366250 registered in the name of Cullinan Private Jets Corp Limited held at I & M Bank and USD 24,712.61 held in Account Number 6658001882 in the name of Glo Jet International Limited and Sh.1,134,691.33 held in Account number 6658001881 in the of Glo Jet International Limited held at Ecobank Limited
Asset Recovery Agency filed an application for preservation of the funds for six months pending forfeiture proceedings.
ARA told Judge Maina the matter was in the public interest that the orders sought are granted and the suspect funds be preserved.
“There are no High Court orders currently preserving the funds in issue and there is imminent danger the Respondents shall dispose, transfer, withdraw and dissipate the said funds unless this Honourable Court issues preservation orders as prayed in this application,” court heard
ARA told the court on 25th August 2023 the Agency received information that the above accounts are holding funds suspected to be proceeds of criminal activities and money laundering
Subsequently the Agency opened an Inquiry file to investigate the legitimacy, source and destination of the funds for the purpose of ascertaining whether the same was acquired from or is a profits or benefits of proceeds of crime or intended for the commission of crime.
Last month, the agency had obtained court orders before a Milimani magistrate to investigate the bank accounts.
According to ARA court documents, financial investigations conducted by the Agency revealed complex fraud and money laundering schemes conducted by the Cullinan Private Jets Corp Ltd and Glo-jet International ltd their directors and associates rendering the above funds proceeds of crime liable for preservation and forfeiture.
The said bank accounts received suspicious huge cash deposits from various suspicious sources and investigations established that there are reasonable grounds to believe that the funds in issue are obtained through illegitimate means.
“The investigations have revealed that the cash deposits were unlawfully acquired hence proceeds of crime pursuant to the Provisions of Proceeds of Crime and Anti-Money Laundering Act and investigations further established that the funds were obtained from various suspicious sources and spent/dispersed through suspicious activities and transactions in a classical money laundering schemes,” Agency told the court.
ARA further adds that the transactions in the present application arose from the same facts and money laundering schemes in which the Respondents, their agents and associates are the planner and beneficiary.
“The investigations in this matter has established that the accounts are holding funds that are proceeds of crime which require to be preserved pending filing and determination of intended forfeiture applications and it is in the public interest that the orders sought are granted and the suspect funds be preserved,” ARA told the court.
The agency Investigating officer Alfred Musalia told the court that his investigations established that the major deposits were made from suspicious sources and subsequently spent in various suspicious activities by the agents of the two airlines.
“My investigations established that there are reasonable grounds to believe that the funds in issue are proceed of from illegitimate activities and the same be preserved pending filing and determination of the intended forfeiture application,” investigating officer told the court.
He adds that the investigations in this matter has established that the accounts are holding funds that are proceeds of crime which require to be preserved pending filing and determination of intended forfeiture applications.
