Bi*lionaire Kariuki to collect old Ksh1, 000 notes from Thika factory ah**d of demonetisation deadline

A Nairobi court on Thursday, September 26, ordered the DCI and KRA to allow tycoon Humphrey Kariuki to access his Thika-based beer factory, Africa Spirits, so that he can collect his old-design Ksh1, 000 notes and exchange them with the new Ksh1, 000 currency.

Kariuki will visit the premises by Saturday to collect the money and take it to the bank.

This comes as the CBK deadline of demonetising the old Ksh1, 000 notes – September 30 – is fast-approaching.

The court also rejected the DPP’s attempt to vary the businessman’s bond terms so that he can get back his passports.

On Wednesday, September 25, Kariuki was dealt a blow when the magistrate’s court set aside an earlier order that had allowed him to repossess his passports.

Magistrate Kennedy Cheruiyot, who had issued the earlier order, ruled that Kariuki should make the application for the release of his passports in Case 1333 of 2019, which is before a different court.

The DPP wanted Kariuki to get back his Ksh11 million cash bail, and, instead, post a higher bond and a surety. 

Kariuki, through his lawyer Cecil Miller, argued that the travel documents had been released to him by another court only for the order to be reversed due to a multiplicity of cases in court.

Kariuki said he needs to travel abroad to attend to his vast business interests.

He told the court that the security posted was sufficient to guarantee his appearance in court.

He pointed out that Kariuki had, since February 2019, travelled outside Kenya frequently but presented himself to the DCI over ten times as required.

He said he wanted the documents released to him indefinitely, arguing that due to his frequent trips, it would be unfair to ask him to return to court every time he wants to travel out of Kenya.

The court, however, said Kariuki should return the passport to court when he returns and can write to the court indicating when he wants to travel next and get approval.

Meanwhile, Africa Spirits Limited has asked a Nairobi court to order the re-opening of the Thika-based factory,

The company, through its lawyer Cecil Miller, argues that the fate of over 500 employees hangs in the balance following closure of the factory.

He argued that the firm alongside WOW Beverages used to remit Ksh150 million every month to the taxman and it is ironical that they are unable to remit the same yet its shareholders are in court over tax matters.

He said since the prosecution had rushed to charge Kariuki and his co-accuses, they should be equally quick to prosecute the case.

He argued that due to the closure of the firm, the taxman has lost Ksh1.2 billion in revenue thus far.