State Forfeits Sh63M Linked To Payments Solutions Firm Over Fraud

A payment solutions company has suffered a blow in a bid to reverse a judgment declaring its Sh63 million as proceeds of crime.

High Court Anti-Corruption Division Judge Benjamin Musyoki dismissed the application by Virtual Financial International, seeking to suspend a judgment issued last year, directing the firm to forfeit the millions to the state.

High Court Judge Francis Gikonyo ruled that the funds held at Equity Bank belonging to payments solutions firm as illicit funds and should be forfeited to the State.

The court ordered the funds, in Kenya Shillings and Us dollars, be transferred the Assets Recovery Agency (ARA) forthwith.

“This court finds that the Virtual’s application dated 23rd August 2024 lacks merit and the same is hereby dismissed,” ruled judge Musyoki.

Virtual Financial International ltd submitted that there was an error in the decision because some of the forfeited money came from government bonds.

But the judge said that alone does not qualify that there is an error apparent on the face of the record.

The judge said what constitutes an error apparent on the face of the record has been described in many judicial pronouncements as a slip of the pen or error of figure or an obvious departure which id irreconcilable with what was intended in the court’s decision.

“It cannot be an error apparent on the face of the record if the applicant claims that the court erred or made a mistake in analysing the evidence and reaching a wrong conclusion. That is a matter for appeal and not review as the issues would require long drawn arguments calling into question the trial judge’s interpretation of the law and evidence,” added judge Musyoki