Caption : The man who looted YEDF to its deathbed We have for long stated that all these apartments and gated-communities sprouting around the country are the direct proceeds of money stolen from Government or corporate coffers. We have repeatedly noted that Pam Golding Properties is investing posh apartments using money stolen from Imperial Bank but nobody seems to believe.
A special report on the inquiry into allegations of fraiud and financial mismanagement at the Youth Enterprises Development Fund (YEDF) tabled this month by the Public Investment Committee of the National Assembly revealed that the real-estate sector which bribed business journalists especially Nation Media Group's Business Daily generate false hype for, is a conduit for looted funds.
Amongst the highlights includes clause 37, which specifically mentions of clear indications that proceeds of criminal activities including corruption are the key drivers of the "booming" real-estate sector. The fake hype created by business journalists and shadowy individuals like the homosexual Classic 105.5FM Presenter Maina Kageni is only a representation of corruption in the country.
The people who use proceeds of corruption to invest in real estate will be surprised to know that there is Section 4 of the POCAMIL Act 2009 that prohibit that very act. After stealing Kshs. 180 Million via a fake IT Project approved by President Uhuru Kenyatta's former deskmate Bruce Odhiambo, and the former CEO Catherine Namuye, Mr. Mukuria Ngamau through Quorandum Limited used the proceeds to purchase a duplex apartment in Lavington, Nairobi at a cost of Kshs. 48.5 Million from Duchess Park Limited.
It has always baffled observers why property and land prices in Kenya are some of the highest in the world, considering that the country has dilapidated roads, poor lighting, inexistent amenities and sporadic insecurity. The manipulation of real-estate prices is as a direct result of State officer buying land and property to conceal their ill-gotten wealth.
Nearly all Government officials are thieves, and the ones in authority loot beyond measure. And despite the fake calls by Uhuru for lifestyle audits, the practice remains rampant even when glaring evidence is presented to investigating authorities like EACC and the CID Department.
Infact, the investigators are also part of this toxic matrix, with recent revelations that the Director of the CID Ndegwa Muhoro was privately profiting from a real-estate case involving Bidco crook Vimal Shah and former Central Bank Governor Nahashon Nyagah. The damning report which we will be serialising also links University of Nairobi student leader Babu Owino to the murder of the Fund's driver Mr. Simon Mwangi who at the time of his death was on duty during unofficial hours in Diani. The death occured at a party attended by former YEDF Board Director Clement Ayungo on invitation by his friend Babu Owino.
Ndegwa Muhoro has been ordered to report back to Parliament no later than 2 months to report on the progress of investigations where Babu Owino and Clement Ayungo murdered Mr. Simon Mwangi.
President Uhuru Kenyatta vide gazette notice of 15th April 2016 in accordance with Section 7 (3) of the State Corporations Act revoked the appointment of Bruce Odhiambo as Chairman, Stella Bogonko, Paul Gathura Nganga, Sabra Omar Hussein, Jane Mutinda, Michael Wamae, Clement Ayungo and Nicholas Mwaniki as YEDF board members.
Here is how Mukuria Kamau used the money he stole from YEDF;
- Purchased Duplex apartment in Lavington from Duchess Park Limited at a cost of 48.5 Million.
- Paid a debt of Kshs. 18 Million owed to Great Lakes Limited through bogus lawyers Ngigi Mbugua and Company Advocates.
- Bought an excavator and grader from Britcom International Limited in the United Kingdom. It seems he is also in the construction business where all thieves who make money divest to.
- He also gave his wife Doreen Waithera Nganga Kshs. 91, 480.00. She also gets another amount at the tail-end.
- He also paid Rock Plant Limited Kshs. 4.5 Million to purchase stones to build, in what the bribed journalists at Nation Media Group's Business Daily may describe as the "booming" real-estate sector. Idiots!
- Paid Kshs. 2.24 Million to Mr. Dilshad Mohammed.
- Paid Kshs. 880,000.00 to Yogesh Kumar Bardwaj.
- Paid Kshs. 1 Million to Simis Engineering and Construction Company, in what mediocre journalist and psychotic single-mother Terryanne Chebet will harp on national television as signs of a booming real-estate sector. Silly little girl!
- He then transferred Kshs. 59,082,835.00 from Chase Bank to his account at Standard Chartered Yaya Branch.
- From there, he paid the St. Marys bufoon Bruce Odhiambo Kshs. 3.3 Million.
- He paid Kshs. 8,799,450.00 to an Ezekiel Owuor for materials supply (another sign of a booming real-estate sector according to bribed business journalists).
- Paid Kshs. 10,254,500 to Industries D'Amico an Italian equipment supplier.
- His wife Doreen Waithera was paid Kshs. 402,000.00 to go shopping and spa treatments, while his mother Tabitha Wanjiku Ngamau got 940,000.00.