Court freezes Standard Chartered Bank account linked to dams saga

Friday, August 9th, 2019 00:00 |
Standard Chartered Bank. Photo/Courtesy

A Nairobi court has frozen a Standard Chartered Bank account suspected to have received cash linked to the Kimwarer and Arror dams scandal.

Senior resident magistrate Caroline Nzibe froze the accounts held by Stanlib Wealth Amanah Properties Limited for six months to allow police to conclude investigations on money laundering claims.

In an application filed in court, DCI through detective Isaac Ogutu said the firm made an application on July 24 to transfer Sh734.5 million to a Dubai firm ­— Azepco General Trading Company LLC — which is suspected to be linked to the twin dam scandal.

“It is suspected that Azepco General Trading Company also received 5.8 million euros from Italian firm CMC Di Ravena,” he said in court documents.

Preservation orders

The investigating officer had earlier been given preservation orders of seven days which lapsed yesterday.

The warrant allowed him to obtain bank statements of the account regarding deposits and withdrawals — inward and outward remittances —and record statements from bank manager and other competent bank staffers. 

A warrant of arrest has already been issued for the directors of the Italian firm after they failed to honour summons issued by the court on July 26.

“It is suspected that the funds held in the account are proceeds of crime and are in the process of being laundered,” said Ogutu in an affidavit.

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