Tycoon's accounts frozen with billions inside

Accounts with billions freezed

Billionaire's accounts frozen

11 accounts associated with billionaire Humphrey Kariuki over alleged tax evasion amounting to Sh3 billion have been freezed.

This happened after the Kenya Revenue Authority (KRA) obtained orders to freeze the accounts in Equity, National Bank of Kenya and Kenya Commercial Bank (KCB).

The court heard that initial investigations indicated that the companies - Vow Beverages Limited, Wines of the World Ltd and African Spirits Ltd - had evaded tax that amounted to Ksh3 billion.

Fraud

According to KRA, the companies had fraudulently denied the agency collection of colossal amounts of tax.

Justice Onyiego certified the case as urgent and directed Mr Kirugi to serve the documents to the companies ahead of the hearing on March 8.

Mr Kariuki’s African Spirits Limited (ASL) is one of the largest alcohol manufacturing plants in East Africa and, ironically, has been one of the most vocal in the fight against counterfeits and illicit liquor.

ASL produces Glen Rock, Legend Black, Blue Moon, and Legend brandy. 

Illicit ethanol

For years now, the company’s PR department and senior managers have been in the news asking for the tightening of rules on ethanol trading and protection of the industry from counterfeiters and tax dodgers.

When KRA officials followed a lorry that was carrying illicit ethanol, hidden under sacks of maize they stumbled upon what officers say is one of the biggest finds.

The authority noted that the multi-billion racket could amount to Ksh6 billion of lost revenue.

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