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Tuesday, September 04, 2007

Kroll Report Found Direct Link Between Money Launderer And Mois

Focus on the Kroll Associates Report

To understand the following article, you will need to first understand what money laundering is. Read this Kumekucha article that explains what it is.

Investigators compiling the Kroll report were able to establish a clear link between one of the biggest money launders in Europe, based in Geneva, called Gabriel Moussa Katri nd the Mois. Brilliantly using his Kenyan clients, Katri is said to have been the main person behind the channeling of vast amounts of money looted from Nigeria by the then president Sani Abacha which was channeled through Kenya's Trans National Bank onto various offshore destinations.

The main contact at Trans National Bank was Ashok Gohil (who died in 2001) and was Kulei's right hand man. One of the things Gohil did to facilitate his illegal activities was to set up companies in Kenya where ODM Kenya's Mutula Kilonzo was the main director. This included companies like Ashar Limited and Chen.

Finance and especially the dizzying financial transactions that are the hallmark of money laundering, which is an illegal activity for criminals, can get a little boring. However the main questions Kenyans need to ask themselves are where these huge sums of money coming from Kenya and being transferred abroad by the Mois was coming from. It is estimated that

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11 comments:

Taabu said...

Chris you remain such a naive ruiner. How dare you link Moi's hard-earned wealth to money laundering? Why paint the L word in bad light when it literally means to CLEAN. Moi was doing us a favour by cleaning our mess.

That said, Kulei (JC=Joshua Chelagoi) is a messiah in disguise. Stop dragging his 'ggod' name in mud. Ati prison warder kitu gani? Si hata A.Kiptanui (ex SH controller) was one? And by the way these chaps owed their warder jobs to baba Gidi when he was HA minister. And why go for sophisticated and learned chaps (e.g.Dr. Kiplagat) who can swindle you so abstractly you won't question them for fear of embarassment?

On another note, you RUINER. Kulei's only sin is being a warder but if he was an architect (ala Karuri) then its pragmatism and economic growth. Give me a break you enemy of growing Kenya. Continue ruining our dream the much fancy you LOSER. Meanwhile my loniliness without a horse is so refreshing. No invitation please, I don't miss the ride guys.

Anonymous said...

Scandals even at this late hour in an election year!





De La Rue men in town to clinch sale of mint

At issue is the fact that the government is committing the country to a multi-million deal without having conducted a due diligence on the company. A STAFF WRITER reports.

Top executives of British currency printing firm De La Rue Currency & Security Print Ltd have arrived in Nairobi to negotiate the sale of a 25 per cent stake in the local subsidiary of the currency-printing conglomerate to the Kenya government.

The EastAfrican has learnt that the government has assembled a team of top officials from the Treasury and the Central Bank of Kenya to represent it in the negotiations.

The British firm is represented in the negotiations by director of sales, Jonathan Garside, area sales director John Lucas, director of finance Keith Robinson and group task manager John Mitchell.

The government is acquiring a 25 per cent stake in the Ruaraka-based De La Rue Currency & Security Print Ltd at an estimated cost of Ksh612 million ($9.13 million).

The deal was quietly approved by the Cabinet in May this year without any public discussion. It has turned out to be a controversial one, with critics wondering why the government had rushed to buy shares in a firm with which it has an existing contract — having only recently awarded it a $51 million currency printing contract.

Also at issue is the fact that the government is committing the country to this multi-million deal without having conducted a due diligence on the company.

In May last year, De La Rue beat competitors from Austria, South Africa, France, Canada and the Netherlands to win a three-year contract to print 1.71 billion new look bank notes at a cost of $51 million.

The price was almost three times lower than the price at which the company supplied notes to the government under the previous contract signed in 2003.

According to the plan, the new currency was to be issued beginning July this year. However, eight months later, the project is yet to roll out, with the result that De La Rue has been enjoying huge margins between the old contract and the competitively procured one — supplying currency notes on the old terms of the single-sourced contract through short-term contracts.

Between 1966 and 1985, Kenyan banknotes were printed by Bradbury & Wilkinson of the UK, which was later acquired by Thomas De La Rue & Company Ltd in 1986.

Since then, De La Rue International UK, which was renamed Thomas De La Rue & Co Ltd, has provided currency printing services to the Central Bank of Kenya.

De La Rue International of the UK is one of the oldest companies involved in the production of currencies for around 100 countries and a wide range of security printing services.

In 1992, the company established De La Rue Currency & Security Print in Nairobi as a subsidiary to operate currency and security printing business in Kenya.

The Nairobi subsidiary, which is 100 per cent owned by De La Rue International, operates a modern factory complex based in Ruaraka.

It says its initial investment in the Kenyan operation was Ksh1.54 billion ($23 million) and that following an additional injection of Ksh910 million ($13.5 million) over the years, the total investment now stands at Ksh2.45 billion ($36.5 million)

It estimates the value of fixed assets at Ksh732 million ($10.9 million).

In January 1993, the company signed a 10-year contract to provide current printing services to the government of Kenya. The minimum order under the contract was to be for the supply of 170 million banknotes each year.

In 2002, following the expiry of the initial 10-year contract, the Central Bank of Kenya entered into a new 10-year contract with De La Rue.

But on coming to power, the Kibaki administration cancelled the contract to allow international competitive bidding.

Subsequently, the company was allowed temporary extensions to provide currency printing services to the Central Bank of Kenya on short-term contracts.

It is not clear which of the parties — the government or De La Rue — made the first move.

But the official position is that the government had to move to acquire the 25 per cent stake in the company to pre-empt plans by De La Rue to close its Kenya operation.

Apparently, De La Rue had informed the government that in order to win the competitive bid for the $51 million contract, it had to quote on the basis of costs of its plants in the rest of the world, which produce bank notes at much lower prices.

And, with the printing business to have been moved elsewhere, and given that currency printing accounts for well over 90 per cent of the Kenya business, said De La Rue, it had no option but to close the Nairobi operation.

On its part, the government felt that the closure of the factory was not in the best interests of the country as it would lead to the loss of 300 jobs. A joint venture with De La Rue, it was also argued, would create a long-term strategic relationship that would ensure sustainability in currency printing.

Anonymous said...

People Power

This a new kenya.
We should clear all the rotten apples this election year

Malava Constituents sue CDF Committee

Written By:Nancy Akinyi , Posted: Tue, Sep 04, 2007


Caption: Malava M.P. Soita Shitanda: Under siege over use of Constituency Funds

Malava Constituency Development Fund Committee has been sued at the Nairobi High court over misappropriation of 25 million shillings.

Led by Caleb Sunguti and lawyer George Opiyo, the residents who are aggrieved by the way the CDF is managed are suing the area MP Soita Shitanda who is also housing assistant minister and the CDF committee.

They claim there is a misappropriation of over 25 million shillings, which has been allocated to non-existent projects, and exaggeration of costs of the projects.

They want the court to issue an order freezing the CDF account.

They claim that if the committee members are not restrained then they are likely to misappropriate the next CDF allocation coming this month.

They claim that they have suffered irreparable loss as money meant for development projects is ending up in the respondents' pockets.

The case will be heard this on Wednesday.

Anonymous said...

Breaking Breaking Breaking New!!!!!!!!!!

MARIANNE BRINER KILLED DR. OUKO!

Anonymous said...

Kumekucha,

I think there is nothing really new in the Kroll report. Most of the general info is in the public domain....maybe just some details missing.

We know that Kenyan taxpayers funds were misappropriated, we can guess how much was involved and even we can place some faces behind the colosal amounts. The story ends there.

I believe even Ms Kroll were unable to unearth some of the details necessary to sustain a prosecution. You cannot accuse someone and then tell him/her to prove his/her guilt. No judge will be willing to waste their time on such a case.

In other words the report is legally worthless as of now, but guess what, it has a very high political premium as in politics allegations don't need to be proven, what matters is how to influence opinion in a certain direction for political mileage. And that is what we are witnessing after the alleged 'leak' of this report.

JEFF

Anonymous said...

how comes nobody is asking which senior official leaked this very important report. he or she is a patriot

Taabu said...

Anonymous you may pride yourself in excercising your freedom BUT must you kill characters with that freedom? Please stop accusing MB of murder without substantive proof. Characters are not only assasinated in court but being able to post here demands utmost civility out of you. It is the height of insensitivity to the OUKO family, STOP IT PLEASE.

derek said...

Please can the person copying and pasting newspaper articles just avoid it. While it is good to refer to them, it is unfair that you are copying and pasting stuff that belong to other new channels without attribution. One has been copied with the aithor's name.

Secondly, MB did not kill DR Ouko and this is the worst that it can get in such a forum where people are discussing other matters.

For some, it can be seen as a target aimed to coincide with the launch of her book, but in real sense, it is pathetic. Pathetic. Marriane did not kil Ouko and the author of that knows it.

That is the apex of uncivilisation, if it is a guage to measure intelligence. Simply unfair on MB. I hope she has a good night sleep.

It is being insensitive to the Ouko family to write such denigrating material, uncalled for, unwarranted and stray.

Anonymous said...

Who was Ouko? That empty headed kihii? i think it is useless to discuss dead kihiis. Why not focus your attention on the mad kihii who is now out to ruin kenya. I hope someone shoots him in dead in the anus so that the kivorondo savages can have a chance of eating themselves silly. kioko, BC. Canada.

derek said...

Kioko, if I were a builder, and someone told me to build a fool, i will ask your parents to tell me how to do one.

Simply said, I am in the process of constructing an imbecile, can I borrow you brains?

Taabu said...

Kioko you have done enough damage to your name. You have passed the message that the container burdening your shoulders is bereft of any content. You must be drawing plenty of pleasure in your ability to type but if you though you were eliciting any reactions you are dead wrong OAF. For a change why don't you model your projecting ower nether anatomy into a kite and fly it. That would really satisfy your tiny brainless head. I wonder what quality of argument you engage with wazungu na Chineses in HONCOUVER. You are a shame to Kenya. Please don't tell them you are my countryman.

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