This archive report was first published on 29 November 2019.
On November 29, 2019, Cyprus was set to strip Kenyan business tycoon Humphrey Kariuki and his wife Stella Nasike of their citizenships, issued under the passports-for-investment program.
The move comes after Cyprus introduced stricter citizenship rules, which will affect 26 foreign investors, including Kariuki and Nasike.
Kariuki, a multi-billionaire, acquired his Cyprus citizenship in 2016 through a program that granted passports to foreigners who invested at least Sh220 million.
However, Cyprus has faced criticism for issuing passports to individuals who used the program to hide proceeds of crime. Between 2013 and 2018, the Cyprus Government approved 1,864 citizenship applications under the program.
According to the Cyprus Mail, Kariuki was involved in a financial scam, and his Cypriot passport is set to be withdrawn. Chinese national Zhang Shumin, his wife, and three children are also set to lose their Cypriot passports due to a gold scam.
Interior Minister Constantinos Petrides stated, “If there were nine investment cases, concerning 26 people among 4,000 applications, it is logical that some would be problematic when controls weren’t strict.”
Additionally, Kariuki is facing charges in a Nairobi court for allegedly evading taxes amounting to Sh41 billion through his companies, Wow Beverages, and Africa Spirits Limited.
