This archive report was first published on 29 November 2019.
Published on November 29, 2019, Humphrey Kariuki, a billionaire businessman, has denied claims that his Cypriot passport has been revoked.
According to reports, the Government of Cyprus has made the decision to review all passports issued under the Cyprus Investment Scheme before 2018. This move is part of a routine audit process to ensure that the passports were issued in accordance with the regulatory requirements at the time of approval.
Mr. Kariuki, who was granted his passport before 2018, has expressed confidence that his application fully complied with the regulatory requirements. He has also stated that he will cooperate with the Government of Cyprus in the review process and comply with any decision made.
The Cyprus Investment Programme offers citizenship to non-Cypriot citizens who invest over Ksh.30 million in the island. To qualify, one must own residential or other property with a minimum market value of EUR 300,000 plus VAT, purchased in Cyprus. Additionally, one must secure annual income of a minimum of EUR 30,000 from abroad or have funds of a minimum of EUR 30,000 transferred from abroad and deposited into a Cyprus bank in a three-year fixed deposit account.
Mr. Kariuki's passport is among a list of 26 that could be revoked, including individuals from Russia, China, Malaysia, and other nationalities. The list includes individuals who were involved in a 'financial scam,' according to The Cyprus Mail.
Mr. Kariuki's business empire includes Dalbit Petroleum, a fuel distributor, and Great Lakes Energy, a company that was awarded a Ksh.40 billion contract by the Mozambican government for an energy project. He also owns the Hub mall in Karen and Fairmont Mount Kenya Safari club in Nanyuki, among other interests.
