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Kenyans had Sh60 billion ‘hidden under mattress’

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After a four-month-long demonetisation exercise, the Central Bank of Kenya (CBK) has invited detectives to examine 3,172 suspicious deposits.

The Kenya Revenue Authority can also stake a claim to Sh60 billion in new deposits flagged in the exercise.But the currency audit numbers tell only part of the narrative.

The full story will unfold as individuals found to have made suspicious deposits begin their appointments with the Directorate of Criminal Investigations (DCI), the taxman and other investigative agencies.

It is a story that is likely to expose the rot in the country’s financial system, which was expected for an exercise that President Uhuru Kenyatta’s Government believed was necessary to restore order in the banking industry.

For the last four months to September, the CBK has been steadfast in its pursuit to unearth the dirty money, and it put out 15,000 advertisements.

Governor Patrick Njoroge yesterday said they had flagged 3,172 suspicious transactions whose value he did not reveal.In his last press briefing on demonetisation, Dr Njoroge said condemned notes valued at Sh7.4 billion had been rendered worthless after its holders failed to beat the September 30 deadline to exchange them with new notes.

Although some journalists felt that the Sh7.4 billion figure was smaller than expected, the CBK governor said the demonetisation process had successfully met its twin objectives of curtailing illicit financial transactions as well as the proliferation of fake currency.

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

Curiously, the money that did not find its way back into the banking system was almost as much as the Sh7.7 billion that the country lost through the Goldenberg scandal in the 1990s.

Njoroge said the lost cash could be part of the dirty money its holders had been unable to redeem.He added that other investigative agencies – including the Ethics and Anti-Corruption Commission and Financial Reporting Centre – had crucial information pertinent to their mandate.

“There is good information that these agencies will continue to work on,” said Njoroge, adding that the fight against dirty cash did not end on September 30.The Government also drew the taxman’s attention to Sh60 billion that found its way into the formal banking system.He said with the end of the exercise, KRA could now deal with tax matters more easily after discovery of the new fortunes.

The governor noted that with so much cash finding its way into the banks, more transactions were going to be cashless.“The demonetisation process proceeded very well,” said Njoroge, noting that majority of the transactions were below Sh1 million.

This means that 99 per cent of the money that went into bank accounts was not subjected to the stringent anti-money laundering and counter-terrorism financing (AML/CFT) rules.Deposits or withdrawals of less than Sh1 million are not subjected to additional scrutiny.

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

Reject deposits

But Njoroge insisted that at no point did banks fail to comply with the AML/CFT measures, saying some banks even rejected deposits.He, however, did not give the number of times banks did this or the value of money that was rejected.

The governor conceded that there had also been a lot of work done on the counterfeit front following increased incidences of fake money circulating.  He, however, acknowledged that a few transactions might have “slipped through filters” into the banking system.

When he announced the demonetisation process on May 1, Njoroge cited the need to combat illicit financial flows in the country and region, which had largely been perpetuated by the condemned notes.

During the demonetisation period, money flowed back into the financial system in billions of shillings, as Kenyans who had put their savings “under the mattress” opted to park their wealth in bank accounts.Njoroge said people did not exchange the old currency for new notes and take the money back to their hiding holes.

By October 1, there were 149.7 million pieces of the new Sh1,000 notes, against 209 million pieces that were deposited in bank accounts, leaving a difference of 60 million pieces.By June 1, when the demonetisation process began, there were 217 million pieces of the old Sh1,000 notes outside the banking system, representing 83.2 per cent of the total.

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

Unveiled with fanfare in 1994, the Sh1,000 notes bowed out of circulation with a tarnished reputation.Njoroge noted that the old note was the “oil that kept the wheels of corruption, drug trafficking, tax evasion and other crimes rolling”.

By Standard.co.ke

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Business

Kenyan Gay Movie Screened at Milimani Courts for Judge

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Rafiki means friend in Swahili but in the LGBTQ+ circles, it is a litmus test that emboldens this community to mainstream or remain closeted in Kenya.

The Rafiki movie has been screened in major cities and events across the world but back home in Kenya, the Wanuri Kahiu production faces a gargantuan task to be accepted.

Despite Kenya being a conservative but horny country, those in the gay community cannot portray this in public due to the homophobia the country harbours.

Gay Movie at The Law Courts

On Thursday, Wanuri tweeted, “BEYOND EXCITED to be screening Rafiki in Kenya tomorrow at Milimani High Court!!! #FreedomOfExpression.”

She is pushing the boundaries and her tack with the courts could be the turning point for Kenya in regard to homosexuals and how they relate with each other in public.

Thereafter in a series of tweets, Wanuri explained why it was important for the event to happen.

 

 

“My film Rafiki will be screened in the Kenyan High Court,” she added saying that it was historic and “so important in the fight for Freedom of Opinion/ Freedom of Expression/ Freedom of the Media.”

The movie was screened in the Kenyan High Court in a first while still banned in the rest of the country.

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

However, for it to qualify for the Oscars shortlisting, it had to be watched locally and in a court ruling, Judge Wilfrida Okwany allowed the screening of the film for seven days to ‘willing adults’.

The ruling temporarily suspended the Kenya Film Classification Board (KFCB) ban and the movie was screened.

In banning the movie, KFCB said the movie was seeking to legitimise lesbian romance.

Wanuri blames Kenyans over the ban saying that they did not advocate for it.

In her campaign which she pushes under the freedom of expression tenet, Wanuri may have succeeded in pushing her agenda by having the courts watch the movie.

She said, “When films, music, art is banned or censored it interferes with our constitutional rights to make and/ or watch the work we create. Rafiki screening in court allows the court to make a decision on IF there has been a breach of constitutional rights”

“Our wish is that Rafiki helps towards upholding the articles in our Bill of Rights as enshrined in our constitution,” she added.

In her updates, she hailed the feat: “So great to see LGBT+ 🏳️‍🌈 story here in Kenyan Court. Even if only as evidence as part of case. Every voice matters, every voice is important.”

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

After the screening on Friday, she said the judge asked for a few paragraphs to be submitted based on the film. The arguments are to be heard on December 3.

Kenya Upholds Gay Sex Ban

In May this year, High Court judges Roselyn Aburili, Chacha Mwita and John Mativo ruled against gay sex in Kenya. With this, they upheld a law that makes same-sex affairs punishable by 14 years in jail.

The United Nations and rights activists criticized the ruling which is similar to 70 other countries around where same-sex relationships are a crime.

Justice Roselyn Aburili said, “We hereby decline the relief sought and dismiss the combined petition. We find that the impugned sections are not unconstitutional, accordingly the combined petitions have no merit.”

When President Barack Obama visited Kenya in April 2015, President Uhuru Kenyatta told him that the gay rights agenda was a non-issue for Kenyans.

“We share a lot of things but gay issues are not among them. We cannot impose on people what they don’t accept,” Uhuru told Obama.

He added, “I want to be very clear, I will not engage in any subject that is not of any major importance to the people and the Republic of Kenya. This is not an issue of human rights, this is an issue of society, of our own base as a culture as a people regardless of which society you come from. This is not acceptable, this is not agreeable.”

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

Uhuru urged the Americans to respect the Kenyan society which rejected same-sex marriages.

-businesstoday.co.ke

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Kenya’s Filthy Rich and Politically Connected running Govt Agencies

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Kenya has become the butt of jokes (no pun intended!) as the country wastes away due to corruption overseen by those in the highest office in the land.

Despite the billions being wasted daily repaying loans that have benefited a few individuals, Kenyans, on the other hand, are languishing as those entrusted with making their lives better continue looting. The country has become a gangsters’ paradise.

Wambui Kibaki and Her Millions

The first agency that was established by an act of parliament to empower youth is the National Employment Authority which has become a fresh wound for job seekers who never seem to meet the criteria for securing a government job.

On Tuesday, Kenyans were up in arms after it became public that President Uhuru Kenyatta had appointed President Kibaki’s wife, Mary Wambui, as the Authority’s Chairperson.

For a term of three years, Wambui is expected to ensure that jobless Kenyans get opportunities and jobs that can alleviate their suffering.

Ironically, Wambui, a conservative and controversial millionaire does not need the job in the sense that she already has more than enough. But why would she take such a position? That is for the appointee and the appointing authority to explain to Kenyans.

 

 

Most other authorities are led by people whose only merit is being politically connected.

These include the Kenya Civil Aviation Authority (KCAA) whose leadership comprises of Eng Joseph Nakodony Nkadayo as the Chairman with Captain Gilbert Macharia Kibe as the Director-General. Nkadayo succeeded a political reject, Samuel Poghisio, who left the entity in 2017 after serving for 2 years.

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

The other is Kenya Revenue Authority (KRA) whose disappointing performance could only go to show the incompetence of those appointed.

Interestingly, the former long-serving head of civil service Francis Muthaura is the chairman of the tax collector. He was appointed for the position last year.

The Sacco Societies Regulatory Authority (SASRA) non-executive chairman is John Mati Munuve.

An interesting political reject serving on the SASRA board is former North Imenti MP Silas Muriuki Ruteere.

Muriuki is a teacher by profession with specialized training in Special Education.

Tana and Athi River Development Authority (TARDA) is chaired by Halima Abdillahi Shaiya who was fired from the Kenya Meat Commission in 2014.

A suspension letter presented in court showed that the KMC board was fired for breaching procurement rules, poor performance and failing to implement directors’ resolutions.

The Retirement Benefits Authority (RBA) is chaired by a relative to President Uhuru Kenyatta Victor R. Pratt. Pratt is the husband to Christine Wambui Kenyatta, now Kristina Pratt, who is Uhuru’s older sister.

A politician on the board of directors going by the information on the Authority’s website is politician Sammy Koech who is the MP for Konoin.

The National Transport and Safety Authority (NTSA) is chaired by Lt Gen (Rtd) Jackson Ndungu Waweru. He was appointed in 2016.

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

Kenya National Highways Authority (KeNHA) is chaired by Eng Erastus Mwongera whose appointment was challenged in court. In the petition by Peter Tana, Mwongera’s appointment was in gross violation of the rule of law.

Tana said that is not suitable to serve in the capacity since he had already served two terms. The tenure at KeNHA is to end in March 2021.

Mwongera cannot discharge any official duties as KeNHA Chairperson until the hearing and determination of the petition.

The National Environment Management Authority (NEMA) is chaired by John Konchellah but the interesting twist is the political connections in the authority’s op management.

Rejects serving at NEMA include Agostinho Neto who was the Ndhiwa MP in a by-election in 2012 and re-elected in 2013.

The immediate former Tana River woman representative Halima Ware Duri also serves as a board member.

In March this year, the Kerio Valley Development Authority (KVDA) board appointments caused an uproar since the maximum number of 10 appointees was surpassed by 3 members.

The board is chaired by former MP Jackson Kiptanui.

And the Kenya Ports Authority (KPA) is chaired by another political appointee Retired Joseph R.E Kibwana.

Kibwana, who was the first Navy officer to occupy the office of the Chief of General Staff, oversaw the transition of power from President Daniel Moi to President Mwai Kibaki after the 2002 election.

The General has a chequered career having been among the first of 10 African officers and servicemen recruited to the Navy in 1964.

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

The Kenya Airports Authority (KAA) is chaired by Isaac Awuondo.

In August, KAA announced the departure of its Managing Director/CEO Jonny Andersen, effective September 30, 2019.

“Jonny has been with the KAA since November 2016 opted not to renew his contract which was due to expire on November 21st 2019,” said a statement from the Authority.

James P.M. Ndegwa is the Chairman of the Capital Markets Authority (CMA). Coming from among Kenya’s wealthiest families, his seat at the table is reserved.

Interestingly, Muthaura’s son Paul Murithi is the CEO. He was appointed on April 22, 2016 with the call backdated to January 2, 2016.

He is expected to leave CMA at the end of this year after serving for seven-and-a-half years.

Out of the 14 Authorities in Kenya, most of them have politicians who have lost in elections appointed as board members or chairs.

In a country where a majority of the youth are wasting away despite their academic qualifications, consecutive governments have consistently sidelined the youth in favour of the politically connected.

Only President Kibaki gave the youths a considerate treatment when he opened the system for youth self-employment. Kibaki’s time saw the country register the highest number of the motorbike industry jobs.

It is at this time that boda bodas became part and parcel of the Kenyan society.

-businesstoday.co.ke

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SPONSORED: Mahiga Homes Directors embark on a meet-the people tour of USA [VIDEO]

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Mahiga homes Directors Mr. Patrick Muchoki and Mr. Joseph Ruhiu will embark on tour of meet the people in the USA on 12th to 13th October 2019 in Atlanta, Georgia where they will be attending the Anniversary of Kikuyu Diaspora Media owned by the Ceo Jeremy Damaris.

Mahiga Homes Ltd is a Real estate developer doing decent and affordable housing. We set out to deliver homes within 12 months, at an affordable rate, in a secure and serene environment. We are passionate about quality of product/ service and meeting of set deadlines. Our values are anchored on a strong foundation of ownership. Mahiga Homes is building the first modern real estate platform in Kenya by pairing the industry’s top talent with technology to make homes acquisition experience intelligent and seamless.

Thereafter they will head to Boston Acre Pub, Lowell 282 Fletch Street on 18th to 19th October where they will meet the esteemed clients there. At Boston it will be a goat eating event as they offer you affordable houses at flexible payment plan.
Here are the affordable houses that they are currently selling;

Mahiga homes Ltd affordable houses.

 

Rockvilla III Estate located just 300 meters off tarmac at Joska along kangundo road, Kangundo rd is under construction to upgrade to dual carriageway,Spa cious 3 bedroom bungalows master ensuite on plot size 40 by 80 kes 3.95m deposit kes 1.6m then pay the balance in 12 monthly instalments

READ ALSO:   This is how shredded Sh 1 million of old 1k banknotes look like

Brickstone Gardens located off Thika rd superhighway on Kenyatta rd just 300 meters off tarmac, Luxurious 3 br bungalows master ensuite,on plot size 40 by 80, offer price kes 4.25m

 

 

Osoit II Gardens Kitengela just 900 meters off Namanga rd, along Acacia road near Kitengela International School, Spacious 3 br bungalows master ensuite on plot size 50 by 100, offer price kes 4.85m, deposit kes 1.7m then pay the balance in 12 monthly instalments.

The RIVERFRONT, Spacious and Luxurious 3 bedroom bungalows, all bedrooms ensuite, on plot size 50 by 100, kitchen with pantry, located in Ruiru suburbs overlooking Tatu city kes 5.5m deposit kes 2m and pay the balance in 12 monthly instalments.

For more info
Call/WhatsApp +254720460413
www.mahigahomes.co.ke

 

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