Accounts of ex-Britam bosses to remain frozen
What you need to know:
- Britam and its subsidiary Baam Advisory LLP went to court accusing the four former managers of fraudulently syphoning monies from Britam accounts and channelling them to accounts held by Acorn and its subsidies.
- Britam and its subsidiary then sought orders to freeze the accounts and properties owned by 11 companies — a plea that was granted by Mr Justice Onyancha on October 28.
The High Court has extended the indefinite freezing of bank accounts of private equity fund, Cytonn Investments boss Edwin Dayan Dande, and his three co-accused in a Sh4 billion fraud case.
Mr Dande’s co-accused are Ms Elizabeth Nailantei Nkukuu, Ms Patricia Njeri Wanjama and Mr Shiv Arora. The four — all former managers at Britam — will also not be able to transact on properties held by 11 of their companies or those of their associates.
In his ruling Thursday, Mr Justice David Onyancha said that failure to extend the freezing orders might lead to the transfer of funds from the disputed accounts as well as disposal of the properties under dispute.
The orders were first made on October 28 and were extended by consent on November 12 and 13.
The judge said the orders would be extending until Britam and Baam Advisory LLP application is heard and determined, Judge Onyancha ruled.
Britam and its subsidiary Baam Advisory LLP went to court accusing the four former managers of fraudulently syphoning monies from Britam accounts and channelling them to accounts held by Acorn and its subsidies.
Britam and its subsidiary then sought orders to freeze the accounts and properties owned by 11 companies — a plea that was granted by Mr Justice Onyancha on October 28.
The judge also put a caveat on several properties registered in the private companies’ names, which include prime parcels of land in Nairobi and Machakos counties, saying that they should not be disposed, leased or mortgaged.
The affected companies include Cytonn Investments Management Ltd, Acorn Properties Ltd, Edenvale Developments LLP, and Starling Part Properties LLP.
MANAGERS CONSPIRED
Tbe others are Crimson Court Development LLP, Sinopia Properties LLP, Mikado Properties LLP, Crescent LLP and Spring Green LLP.
According to Britam’s acting chief executive Jude Brian Oluoch, the former managers conspired to mobilise third parties to contribute to real estate development projects undertaken and controlled by the other companies while alleging that they were sanctioned by Britam.
Mr Oluoch swore that the discovery led Britam to appoint auditors, who after investigations, discovered that a total of Sh3.9 billion was syphoned away to private accounts controlled by the former managers.
