The agency says the funds, held in three bank accounts are suspected to have been part of Sh467 million stolen from the NYS in 2017.
The accounts- two at Standard Chartered and Equity Banks are registered in the names of Active Electrons Africa Ltd, First Supplies, and Ameritrade Ltd, all linked to businessman James Nderitu Thuita.
The Assets Recovery Agency (ARA) has now applied for forfeiture of Sh7.3 million belonging to a suspect facing charges in connection to the loss of funds at the National Youth Service (NYS).
The agency says the funds, held in three bank accounts are suspected to have been part of Sh467 million stolen from the NYS in 2017.
The accounts- two at Standard Chartered and Equity Banks are registered in the names of Active Electrons Africa Ltd, First Supplies, and Ameritrade Ltd, all linked to businessman James Nderitu Thuita, who is alleged to have received more than Sh1.6 billion from NYS for supplies allegedly made to the agency.
“That the respondents are entities owned or associated with one Thuita James Nderitu and were used to embezzle funds from the coffers or the National Youth Service,” the application reads.
This is the second petition by ARA seeking forfeiture of Mr Nderitu’s funds after a similar case last year saw the businessman lose Sh35 million, after the High Court ruled that the money was unexplained wealth.
“The application for forfeiture is premised on the investigations conducted by the Directorate of Criminal Investigations into the theft and fraud of public funds amounting to Sh467 million from NYS,” the application by ARA reads.
In June, StanChart wrote to ARA seeking to server links with the two accounts, forcing ARA to seek an order for funds to be transferred to its account. The two accounts held Sh4.3 million.
