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Team orders EACC to seize assets of fraud suspects

By Roselyne Obala | May 6th 2016
Ethics and Anti-Corruption CEO Halakhe Waqo PHOTO:BONIFACE OKENDO

MPs have directed two State agencies to seize property and money stolen from the Youth Enterprise and Development Fund (YEDF).

The National Assembly Public Investment Committee (PIC) in its report urged the Directorate of Criminal Investigations (DCI) and Ethics and Anti-Corruption Commission (EACC) to immediately institute the recovery process with a view to confiscating proceeds obtained from the lost funds (Sh224 million).

"The Director, DCI and Secretary, EACC should report back to the National Assembly not later than two months after the adoption of this report on the status of implementation of recommendations," the report partly read.

In reference to the Proceeds of Crime and Anti-Money Laundering (POCAML) Act 2009, members of the committee hope to recovery over Sh27.8 million paid to different individuals and companies by Quorandum Ltd Managing Director Mukuria Ngamau, who the MPs recommended be charged with fraud.

Honour Summons

During the inquiry, MPs directed authorities to freeze the transfer of property worth Sh48.5 million to Mr Ngamau, property being developed in Lavington by Duchess Ark Development Ltd, and urged the Asset Recovery Agency at the Attorney General's office to obtain orders on the same.

The lawmakers also want Director Public Prosecutions Keriako Tobiko to order the prosecution of  M/S K Susu Ltd Director Hillary Yegon who failed to honour the committee's summons to appear before them to response to queries.

"If found culpable, the individuals mentioned should be recommended for prosecution for benefiting from the proceeds of crime.

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The director, Asset Recovery Agency, should also give a report within the same period on the status of recovery," the report said.

The Adan Keynan-led team also ordered an audit trail of Quorandum Ltd's account held at the troubled Chase Bank and Standard Chartered Bank.

This followed the inquiry, which established that Ngamau through Quorandum Ltd, made various payments to third parties purportedly for various goods and services offered.

In their inquiry, the MPs discovered that the YEDF board and management did not obtain approval from Treasury to invest Sh400 million in a fixed/call deposit account at Chase Bank.

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