A Nairobi Court has unfrozen over Sh 25M funds belonging to Three Gold BV, Bernhard Ten Brinke Holding.
It has ordered the Assets Recovery Agency to unfreeze funds belonging to Three Gold BV, Bernhard Ten Brinke Holding.
The funds had been frozen after Assets recovery Agents argued that the money was proceeds of crime and therefore liable for forfeiture to the Government.
High Court Judge Esther Maina ruled that Over Sh 25 Million held at Standard Chartered Bank in the name of First Line Capital Limited belongs to Bernhard Ten Brinke Holding.
“The upshot is that the Interested Parties have proved, on a balance of probabilities, that the funds belong to them and as such this court is satisfied that Three Gold claim duly satisfies the statutory requirements of the third party, “Ruled Maina.
Three Gold BV, Bernhard Ten Brinke Holding were being represented by Lawyer Simon Mburu.
Judge Maina ruled that the Asset Recovery Agency has not rebutted the Companies explanation on the source of funds.
She added that the Companies in the replying affidavits and affidavits and submissions explained that the funds were acquired from the sale of their Company to an equivalent of 7 Billion and have produced a contract of sale to court.
The Judge ruled that Asset Recovery did not produce any evidence in the case unlike the companies.
