Connect with us

Business

Suspect: ‘My Sh2 billion not fake, give it back’

Published

on

A man charged with stashing fake currency worth Sh2 billion in a safe deposit box now claims that the bills are genuine.

Eric Adede , in an urgent suit filed at the High Court, instead accused the State’s investigative and prosecutorial agencies of switching his dollar bills with fake notes to paint him as a money launderer.

“It is true I am the owner of the box held at Barclays Bank which contained a total of $20,067,900 in 100-dollar denomination, among other items.

The DCI knows that the money is not fake and is illegally withholding it without any authority,” swore Adede.The suspect, who sought orders to compel the Director of Criminal Investigations and the Director of Public Prosecutions to surrender the seized money, claimed there was a plot to defraud him of his property.

Adede’s lawyer, Martin Oloo, told the court that the DCI and the DPP had cooked up the story that his client had fake currency “to boost their public image”.Mr Oloo claimed that the money did not form part of the criminal charges laid out against Adede.

“The prosecutors in their submissions in court stated that the money held does not form part of the prosecution. The petitioner fears that they might tamper with his clean money and substitute it with fake ones to deprive him of his hard-earned property,” said Oloo.

READ ALSO:   DPP Haji comes to the aid of Uhuru, Raila over alleged involvement in fake gold scam

Fake gold

Adede was last month charged alongside Ahmed Shah, Irene Wairimu Kimani and Elizabeth Muthoni with several counts in connection with the suspected forged dollar bills and fake gold recovered inside the bank’s Queensway branch in Nairobi.

The charges stated that on March 19, the suspects conspired to defraud Muriithi Materi Mbuthia of Sh20 million by falsely pretending they were carrying out a genuine business as investors in Nairobi.Adede faced two additional charges of possessing the fake dollars and being found in possession of 41.373 kilos of brass in contravention of the Mining Act.

The Nairobi-based businessman-cum-politician and his co-accused were arraigned in court where a magistrate detained them for five days to allow police complete investigations.

This after investigators told the court that they needed to send the recovered currency to document examiners and forensic experts to ascertain if it was fake or genuine.

The verification process also involved the Central Bank of Kenya and the Department of Mining to confirm authenticity of seized metal that was suspected to be fake gold.

According to police, the fake currency had been used to con unsuspecting people before officers busted the counterfeiting ring and arrested the suspects.

Barclays Bank, in a statement, denied knowledge of the fake money stashed in the safe deposit box. Bank officials said they were not aware that one of their customers had hidden counterfeit bills, which was against the bank’s rules and regulations.

READ ALSO:   Barclays Bank closes accounts of flashy city businessman Paul Kobia

The officials said they normally don’t know what customers store in their personal safe deposit boxes.

source:standardmedia.co.ke

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

JKIA ranked second fastest growing in air cargo globally

Published

on

Jomo Kenyatta International Airport has been ranked as the second fastest growing airport in the latest world cargo ranking for airports that handled more than 250,000 metric tonnes of air cargo.

This was revealed in the Airports Council International (ACI) latest World Airport Traffic Report, which highlights top airports for passengers, cargo and aircraft movements and showcases the world’s fastest growing airports for 2018

JKIA was only beaten by Rockford, an expansive air cargo hub in the United States, which was the fastest-growing airport in 2018 as the e-commerce freight hub for online retail giant Amazon.

According to the report, JKIA was ranked second in the ‘Fastest Growing Airports category, after it handled more than 342,000 metric tons of air cargo in 2018, marking a 25% growth from 2017.

Kenya Airports Authority (KAA) has credited the notable growth at JKIA to substantial increase in air cargo traffic to and from Europe, Asia, America as well as recent additions China and Australia.

KAA also said the country’s biggest airport has recently transformed its air cargo management and also embraced participation of public and private sectors hence its improvement in global standing.

The authority said the construction of several modern transit sheds at Jomo Kenyatta International Airport has seen the airport’s overall cargo grow to 1.2million tons annually.

READ ALSO:   Flying squad discover billions in fake currency at Barclays Bank branch

“This is an exciting time for Kenya, the face of cargo is changing, and we are positioning JKIA as the premier cargo distribution center for online commerce companies in the region,” said KAA CEO Jonny Anderson.

Hong Kong International Airport, Memphis International Airport, Shanghai Pudong International Airport, Incheon International Airport and Ted Stevens Anchorage International Airport lead in total cargo volumes respectively.

The report further found that, in total, the world’s airports accommodated 8.8 billion passengers, 122.7 million metric tonnes of cargo, and 99.9 million aircraft movements.

JKIA currently handles an estimated 6.5 million passengers annually.

BY Nairobi News

Continue Reading

Business

VIDEO: Chairlady of Kenya North America Diaspora Sacco K-NADS visits Mahiga Homes Projects

Published

on

Mahiga Homes Company continues to attract the attention of Kenyans living in the US and other countries in around the world following the successful completion of various projects in record time and handing over the keys to the owners.

Recently, the Chairlady of  Kenya North America Diaspora Sacco (K-NADS) Dr. Lucy Ndegwa Mackenzie, paid a courtesy visit to the company’s projects in Ruiru and Kenyatta road  and she expressed her satisfaction with the work they have undertaken so far.

“It is a great project especially because the roads really good,” said Dr Mackenzie.

Rock Gardens Ruiru‘s construction progress is on course. Some units are at foundation while most of them are at walling level and others at roofing level. The estate comprises of 75 luxurious 3 bedroom bungalows.

“As you will see in the video below, she was very impressed by the good work the trusted developer is doing, Said Peter Nyaga,” the Company’s CEO.

The projects currently on sale are:

Rockvilla III Estate in Joska. Deposit Ksh 1.6M

Osoit II Gardens in Kitengela: Deposit Ksh 1.7M.

The Riverfront in Ruiru: Deposit Ksh 2M.

 

K-NADS  currently has of over 1000 members women living in or has returned to Kenya from North America.

READ ALSO:   Now fake gold boxes found at Barclays Bank

For more info Call/WhatsApp +254720460413

or visit www.mahigahomes.co.ke

Continue Reading

Business

Firm that sold DP Ruto Weston hotel land speaks out

Published

on

A travel agency has defended the ownership of the piece of land on which Nairobi’s Weston Hotel stands, arguing that the title deed was acquired legally and that the airports regulator has no claim to the property.

In documents filed in court, Priority Limited says the title to the land was obtained in good faith, is legitimate and cannot be faulted through the petition or any other case.

Through the law firm of Katwa & Kemboy, the company says that being the registered owner of the parcel serves as conclusive evidence of ownership.

The company has further stated that the Kenya Civil Aviation Authority has no “worthy evidence,” to claim ownership of the land hosting hotel associated with Deputy President William Ruto.

KCAA has filed a suit in court seeking to reclaim the land and has opposed a deal between Weston and the National Land Commission (NLC) for the hotel to compensate the authority so that it can continue occupying the land.

In the case filed in June, KCAA said NLC did not have the jurisdiction to preside over the complaint on compensation for the land, and wants the hotel demolished and the property handed back to it.

Based on fraud

READ ALSO:   DPP Haji comes to the aid of Uhuru, Raila over alleged involvement in fake gold scam

Priority Limited was allocated the land that was later transferred to Weston in a deal that KCAA says was based on fraud.

In response to the KCAA petition, Priority Ltd has denied allegations of fraud on the title, arguing that KCAA is yet to table documents in court as proof of the fraud.

The company has also contested KCAA demands for revocation of the title deed, arguing that the authority is motivated by ulterior motives.

Records at the registry show that Priority Limited is owned by Paul Chirchir and Mathews Otieno, and has filed with the State documents revealing who are its bankers, auditors and lawyers.

KCAA said under section 14 of the NLC Act, the commission’s mandate to review grants and terms of public land expired five years from commencement date of the Act, which was May 12, 2012.

It therefore argued that the commission’s mandate to review grants and dispositions of public land expired in May 2017.

Deal brokered

The agency filed the case to challenge the deal brokered between NLC and the owners of Weston Hotel.

“NLC had no powers to review grants and dispositions by January 25, 2019, which is more than one year eight months late. This suggests deliberate delay by the NLC to frustrate the KCAA,” reads part of the pleadings filed in court.

READ ALSO:   Flying squad discover billions in fake currency at Barclays Bank branch

In the decision, delivered on January 25, 2019, NLC recognised and emphasised KCAA’s entitlement to the piece of land remained unchallenged and noted that Weston Hotel and the initial owners of the land, Priority Ltd and Monene Investments Ltd, irregularly procured the registration of the land. It then ordered the company to compensate KCAA.

But in the papers filed in court by James Orengo and Otiende Amollo, KCAA insists that it owns the land and any entity with a different title procured it through illegality, fraud and corruption.

BY Business Daily

Continue Reading

Are you looking for a Church to fellowship in Atlanta Metro Area?

poapay3

Like us on Facebook, stay informed

NEWS TRENDING RIGHT NOW

2019 Calendar

satellite-communication1.jpg

Trending

error: Content is protected !!