An American Private Equity firm is scouting for wealthy Kenyans to invest Sh51 million for an American citizenship - Kenya Satellite News Network
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An American Private Equity firm is scouting for wealthy Kenyans to invest Sh51 million for an American citizenship

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An American PE firm is in the country scouting for wealthy Kenyans to invest their way into an American citizenship through the US immigrant investor visa programme.

Interested locals will have to fork out Sh51 million ($500,000) in order to qualify for the investor visa, commonly known as EB-5 (employment based-fifth preference visa).

It was created in 1990 under the administration of the late US President George H.W. Bush to stimulate the country’s economy through job creation and capital investment by foreign investors. The US issues 10,000 such visas every year, in the past largely utilised by Chinese investors.

Qualifying Kenyans will also pay Sh2 million in legal fees and an extra Sh4.6 million ($45,000) in investment management fees to Atlantic American Partners, the PE firm managing the investment on behalf of the applicant.

Funds such as Atlantic American partners are accredited by the US citizenship and immigration services department to offer support to those applying for the EB-5 visa

Atlantic American managing director Daniel Ryan told the Business Daily on Tuesday that the firm has already registered interest from about 100 Kenyans looking to take advantage of the window to get permanent residence.

“This kind of visa is gaining popularity especially from those people who want to educate their children in the US where public schools are of high quality and free of charge, since it allows people to move with their spouse and all unmarried children under the age of 21,” said Mr Ryan.

“About 100 Kenyan have shown interest, and we have lined up to 50 meetings in the next three weeks. We will also do two meetings at a couple of private members clubs in the city.”

He said the firm does background checks on applicants to ensure they have no criminal records or that they are not laundering money, with legal experts brought in to do a source-of-funds check.

There are thousands of Kenyans who have migrated to the US, with many going either using student visas or the diversity visa lottery, known as Green Card lottery.

The EB-5 visa offers an easier route for those with millions to spare, with fewer requirements and the promise of permanent residence or citizenship in five years. Successful applicants, Mr Ryan said, are given back the Sh51 million once they achieve permanent resident status—normally after five years— with citizenship following about a year later.

Atlantic American, as a trustee of the funds, invests the money in real estate in areas where there is above average unemployment in the US, giving the investor a return along with their initial Sh51 million upon gaining permanent residence.

businessdaily

 

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DANGEROUS: Pilot caught sleeping in the cockpit while flying 747 passenger jet [VIDEO]

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A senior chief pilot “with nearly 20 years flying experience” has been filmed sleeping in the cockpit of his passenger jet.

The man was in the China Airlines 747 while his co-pilot recorded him snoozing on the job.The embarrassing video surfaced just days after the Chinese airlines pilots ended an unprecedented seven-day strike over issues such as pilot fatigue and long working hours.

Taiwan’s flag carrier, which has its headquarters in Taoyuan International Airport, has responded to the incident saying the clip was filmed before the most recent strikes took place.The video shows the highly experienced chief officer with his eyes closed and his head down as he sits in the main seat of the cockpit.

While he is yet to be named, he is reportedly the airline’s most senior Boeing 747 pilot, with 20 years of experience flying mainly Tokyo, Okinawa, Seoul and Hong Kong routes.The chief pilot is also said to be an instructor in charge of simulations at the China Airlines Flight Training Centre.

Facing accusations including ignoring flight safety procedures, the pilot is said to have “received adequate punishment”, a statement by China Airlines said.The airline added that the video was filmed prior to the February strikes which affected roughly 20,000 passengers booked on about 100 flights.China Airlines has also suggested the co-pilot who filmed and released the video may also be punished for choosing to record the clip instead of wake his senior officer up.

-standardmedia.co.ke

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Kenyan accountant extradited to US over Sh3.6b fraud

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A Kenyan man accused of stealing Sh3.6 billion ($36 million) from an American media technology services company has been extradited from his South American hideout.

Edward Martin Karuku, alias Paul McDaniel 42, was a former accounting manager who has been on the run since 2017.

He was returned to California from Costa Rica on Thursday to face charges of wire fraud.

According to NBC, the accused fled to Costa Rica in early 2017. He is accused of embezzling funds from Hypermedia Systems Inc., a media-technology services firm, prosecutors said.

Prosecutors said that as part of his job, McDaniel was charged with making payments to Hypermedia vendors.

According to the indictment, McDaniel formed a corporation using a name similar to one of Hypermedia’s vendors, then directed more than Sh3.6 billion in funds to the shell company and created bogus invoices on letterhead of actual Hypermedia vendors to justify the expenses.

McDaniel allegedly used the stolen funds to pay off Sh2.3 billion in credit card debt, and transferred Sh800 million to his personal bank accounts.

He was arrested in Costa Rica in 2017 and remained in custody there pending extradition to Los Angeles.

He is facing 10 counts of wire fraud, each of which carries up to 20 years in federal prison.

Source: NBC and Nairobi News

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VIDEO: Uhuru loses temper, threatens to deal with CS Macharia

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BY OLIVIA MUNGWANA

A video has emerged in which an irate President Uhuru Kenyatta tells off  Transport CS James Wainaina Macharia for not living up to expectation .

Kenyatta made a surprise visit to a Chinese construction site where he found the construction work had stalled and started to enquire the reason behind it.

He also enquired on how they had been allocated funds and listened as the CS and the Chinese contractor each gave a different figure, much to the President’s dismay.

The CS tried to interject the President to save face for the Chinese but a seemingly infuriated Uhuru could hear none of it.

In their defense, the officials from the Chinese company insinuated that there was shortage of funds and that the project would be fast-tracked if they received enough monies.

 

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