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

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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.

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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.

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

source:standardmedia.co.ke

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Business

Jiweke Tavern owner collapses, dies in his house

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Jiweke Tavern Restaurant owner John Keige has died.

The city tycoon collapsed and died outside outside his home in Nyari Estate, Nairobi.

He was quickly rushed to Nairobi Hospital where he was pronounced dead on arrival.

According to his domestic employees, Keige had just completed taking lunch, and decided to take a walk but collapsed moments after getting out of his house.

“Boss had just finished having lunch when he decided to go jogging. A few steps outside the gate, he collapsed,” One of his workers told The Standard.

Confirming the businessman’s sudden death, Keige’s sister Elizabeth Keige said his brother died on Tuesday afternoon, July 7 and he will be laid to rest on Tuesday, July 14.

He will be burried at a private funeral at the family rural home at Muruka in Kandara, Murang’a county.

Rumours had it that the tycoon died from COVID-19 but his doctor dismissed the claims saying he died of a heart attack.

Jiweke Tavern is located off Ngong Road in Nairobi.

In April, the entertainment joint made headlines after it reportedly refused to host a group of atheists on Easter Weekend.

The club is hailed for its consistent good service provision from the bartender to the bouncers.

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You can own this Bugatti La Voiture Noire car for only $19m or Ksh1.9B

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Most expensive cars in the world – what are they and how much do they cost? We’ve gathered a collection from 10 most expensive autos all over the world – from Bugatti Chiron with price tag $2,7 million to Bugatti эLa Voiture Noireэ for $19 million. Some of them are impossible to buy even you have required amount of money. LKat’s begin with Bugatti.

Bugatti has unveiled the “La Voiture Noire” translated as “the black car” made entirely from carbon fiber. The first one of the Limited Edition car has been sold for $19 million to Ferdinand Piech, the owner of VW group.

Designed by Salome Etienne, it is inspired by its predecessors Veyron and Chiron and the pre-war Type 57SC Atlantic.

Powered by an 8 liter, 16 cylinder engine that churns out a jaw-dropping 1,500 HP the car should be able to reach above 450 km/h. Bugatti has refused to reveal its performance specifications.

The front is dominated by the trademark horseshoe-shaped Bugatti grill and blends into an aerodynamically swept-back design with sloping windscreen and wrap-around tail lamps. Also be sure to check best free car website templates and themes.

Bugatti La Voiture Noire

Bugatti La Voiture Noire

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Smell of money: The millionaire chamas of Nairobi’s Marikiti market

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Wakulima Market or ‘Marikiti’ is one large pipeline of food to residents of Nairobi. It is noisy, dirty and has always been busy since opening shop in 1967. It’s not the kind of place anyone would imagine is a hub of millionaires.

But Maritiki, Kikuyu corruption for ‘market’,  has churned out millionaires in real coin on the back of trading in potatoes, tomatoes, hoho, nduma, nguace, maize, beans and assorted fruits. For starters, traders in the chaotic market have a collective business turnover of between Sh100 million and Sh500 million in a day! That’s before deduction of operating costs, according to Cyrus Kaguta Githaiga, the chair of Marikiti market  Such money can attract dark forces — which is why there are daily  interdenominational fellowship sessions to fight juju. Though initially meant for 300 traders, the market now serves over 20, 000 people, comprising farmers, wholesalers, brokers, retailers, vendors, handcart pushers and the kua – the carriers on whose backs and shoulders sacks reach different bus stops en-route to the soko and then your plate.

The profit margins are eye-watering. A trader can go home with anything between Sh10,000and to Sh50,000 in one day. The bulk of traders are members of the Wakulima Market Traders Association Group, the chama which collectively run different businesses, including trucks, parcels of land in Thika, Juja and Ruai, besides owning several buildings around Kenya. There are also other chamas, mostly operated by women since the 1970s when, like all chamas, they started with dishing out money merry-go-round style in the 1970s. Some early members died and their children inherited the shares.

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The contribution is mandatory and one is fined for failing to make a contribution in time. A normal group has between 10 to 20 members who contribute between Sh500 and Sh1,000 a week.

The high rollers are in a different league, as they contribute Sh10,000 or more daily. Faridah Oronga a trader at Marikiti says through the chama, “I have educated my children and made other investments. Our chama has bought parcels of land valued at millions of shillings. I will get my share the day we decide to dispose of the lands. We have also invested in lorries that transport goods to various parts of the country.” Faridah adds that besides business, the chama also serves as a social welfare group. Each member contributes Sh1,000 to a sick member and “it is a must to contribute. Those who fail to contribute will also not get any help when they are in need.

During burials, we hire a bus and select a few individuals to represent us. We don’t let our own to suffer. We live as a family.” Salome Wanjiru has been operating at Marikiti since 1997 and says that “we oil the economy,” besides making individual investments like buying land in Ruai.

She says most Nairobians perceive them as simple market women yet “we own several buildings” and money from the chama has boosted her “dairy and poultry farming business back in the village, and all my children have completed university.” The traders also have access to readily available loans. Margaret Muthoni, a trader, says they borrow small guaranteed loans in the morning and repay in the evening.

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“I make enough to pay back the principal and keep the profit. The secret is to take advantage of the compounding interest.”

Women sell groceries at the Marikiti market in the morning. [File, Standard]

The market has 28 different sections with different products and thus, different chamas. Those dealing in potatoes and onions could for instance have their own chamas.

There are 20,000 non-registered and 8,000 registered members, but all groups fall under All Wakulima Market Traders Association with an elected chair.

Money collected by all the chamas easily oscillated between Sh100 million and Sh500 million in a day and Githaiga is proud: “We have created wealth and are successful. Most of us have built homes, own matatus and made investments worth millions of shillings using this concept. We realised that this initiative is a powerful tool, which has a lot of benefits.” Githaiga ensures all traders’ rights are respected, besides providing a conducive environment for working.

“We pushed for the closure of betting shops near the market because traders were becoming lazy and spent their earnings betting. Every day, we have a fellowship at 6am through Wakulima Interdenominational Pastors Welfare to fight juju,” he explained.

Githaiga says some of the biggest challenges is garbage disposal and “hawkers who create congestion on the roads adjacent to the market. Hawkers are good investors if they are managed well, but should be designated on less busy roads.”

READ ALSO:   REVEALED: 4 Tricks fake gold fraudsters use to con victims

Githaiga wants the county government to look into, among others; the expansion of Marikiti besides, improving its drainage system, refuse disposal and recycling of garbage.

Other downsides are that “many people don’t like coming to the market because they say it is dirty and insecure.” He says that for the chama to be successful, 100 per cent integrity is a must and rules should be set in such a way that if someone breaches them, they are fined.

Discipline is key.” Stella adds that to understand table banking, one has to look at cooperatives as a bigger version of table banking with the difference being that they have “greater numbers and systems to control the numbers, but the bigger the number, the larger the complications.

However, they’re  regulated and you can save and borrow three times your savings and at friendly interest rates.” One problem with cooperatives is that shares are controlled as some put a cap on monthly contributions, besides resolutions being passed during an AGM.

By Ghaflaco.ke

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