Kivaa Ventures limited loses Sh10Million over money laundering scam


High Court Anti-corruption Division Judge Esther Maina who declared the millions belonging to Kivaa Ventures as proceeds of crime./PHOTO BY S.A.N.


Kivaa Ventures limited has forfeited Sh10 million to the state after the High Court declared the money as proceeds of crime.

High Court Anti-Corruption Division Justice Esther Maina declared Sh10,004, which had been deposited at KCB Bank Kilimani branch as proceeds of crime.

The Judge directed the cash be transmitted to Assets Recovery Agency for onward transfer to the government.

In his nine-page judgement, Judge Maina said Kivaa ventures ltd did not explain the source of funds. She further said there were suspicious withdrawals from the account.

“It is my finding therefore, that in absence of an explanation as to the legitimacy of the source of the funds the logical conclusion that the Sh10,004,905 preserved by the court is proceeds of crime liable to be forfeited to the state,” ruled the judge.

The judge further added that Kivaa Ventures ltd did not provide any documents or evidence of the existence of the business, which he alleges to have derived the monies from.

“One would have expected him to provide this court with documents evidencing registration of the business and also proof of the person he traded with so as to earn the sums deposited in the account. There is no proof at all of transactional records such as receipts, invoices or books of accounts annexed to his affidavit,” said the Anti-Corruption Division Judge.

The Judge added that the explanation by the firm that it was prevented from availing the documents by reason of illness is not convincing more so given the contradiction between his statement and the replying affidavit.

The judge added that one of the indicators of money laundering is large deposits followed by cash withdrawals within a short span of time.

“In this case, the bank statement shows that the impugned funds were deposited into the account through Mpesa on 5th May 2021 and 11th May 2021 in three tranches of Sh10 million and the funds were then withdrawn between 5th and 11th May 2021 in tranches of Sh. 990,000 and Sh 950,000 which tranches clearly were purposed to escape the Sh1 million scrutiny imposed by the law,” added the judge.