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Kenya: High Court Lifts Freeze on Accounts of Three Companies



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Nairobi — The High Court has lifted orders freezing millions of cash belonging to three companies.

This is after the accounts ofAvalon Offshore Logistics Limited, OIT Africa Limited and Remix Capital Limited were frozen in April over money laundering allegations.

Avalon holds a total of Sh43 million at Equity Bank, OIT Sh5 billion at Equity Bank and United Bank of Africa while Remix Sh765 million at United Bank of Africa.

The Court had earlier prohibited them from transacting, withdrawing, transferring, and/or dealing in any manner in any profits or benefits derived or accrued from the said funds.

“Orders of preservation are hereby granted prohibiting the respondents and/or their representatives, employees, agents, servants, or any other person acting on their behalf from transacting, withdrawing, transferring and/or dealing in any manner howsoever in respect of the said funds,” ruled the Deputy registrar.

According to the investigating officer Fredrick Musyoka, the agency received information on 11th February 2022 on a suspected case of money laundering schemes and acquisition of proceeds of crime involving multiple money transactions.

“These transactions are conducted through bank accounts of the respondents in US dollars and Kenya shillings mainly from foreign jurisdiction whose source has no legitimate explanation,” he had stated.

“The respondents are suspected to be part of a syndicate involved in a complex money laundering scheme and their bank accounts are used as a conduit of complex money laundering,” officer Musyoka said.