Nairobi News

HashtagHustle

City billionaire wins access to his bank accounts

Controversial billionaire Humphrey Kariuki and two of his firms under investigation for allegedly evading taxes are free to access their bank accounts.

This follows a court ruling that faulted the Kenya Revenue Authority (KRA) for failing to assess their books.

High Court Judge Wilfrida Okwany lifted a freeze on bank accounts operated by WOW Beverages and Wines of the World Ltd, where Mr Kariuki is a director, arguing that KRA is yet to assess their books.

The judge added that Section 43 (7) of the Tax Procedures Act gives KRA 30 days from account freezing to notify the individual under probe of an assessment, which the taxman has not done.

KRA had argued that the investigations into Mr Kariuki are being carried out by a multi-agency team.

The team, comprising officers from the Directorate of Criminal Investigations, National Police Service and KRA, has been investigating Mr Kariuki and his firms since February.