Anti-money laundering law strikes as two foreigners Sh237 million frozen – Kenyan Business Feed

Two foreigners have suffered a major blow after the High Court sitting in Nairobi yesterday froze over Sh287 million, held in their bank accounts for 90 days. Anti-corruption court judge Esther Maina allowed the application by Assets Recovery Agency (ARA) to preserve the funds, belonging to the suspects identified as Jean-Paul Tshikangu Musangu (Belgium) and Venan Mabiala Ma Mabiala(Congolese) held in two accounts at Stanbic Bank, as the same are believed to be proceeds of crime. 

The two foreigners are directors of Group Elykia Limited; a London based company. The court has also ordered that Sh197.5 million held in company bank account be frozen for a period of three months. 

Money laundering

“That preservation orders are hereby issued prohibiting the respondents, from transacting or dealing in any manner whatsoever, in respect to the funds in the three bank accounts,” Justice Maina ordered.

The money which the court preserved is $1,747,105.15 (Sh 197,510,237.21) held in the name of Group Elykia Limited, $305,950.87 held in the name of Masangu and $488,423.25 held in the name of Mabiala, all at Stanbic Bank.

The court also issued an order preserving the selling or dealing with a motor vehicle registration number KDE 033S Mercedes Benz, registered under the name of Mabiala, believed to have been bought at Car Warehouse Limited using proceeds of crime.

National Transport and Safety Authority Director General was also ordered to register a caveat against the record of the said motor vehicle.

Justice Maina further ordered the two directors and Car Warehouse Limited, which is listed as an interested party in the matter, to surrender the said motor vehicle and its original logbook to the State, with immediate effect, pending the hearing and determination of the case.

The agency through lawyer Mohamed Adow sought to have the funds and motor vehicle preserved, on grounds that the same are proceeds of crime since the two foreigners are suspected to be part of a complex money laundering scheme in the country.

The court heard that investigations revealed that the firm and its directors, used the accounts in question, as conduit of money laundering under the pretense of supplying wood/timber from Democratic Republic of Congo to foreign jurisdictions. Court records indicate the firm in question has not supplied any timber in the country.  

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