General News
Gold Dealer Charged With Conning Danish National Sh170 Million
A gold dealer charged with defrauding a Danish national $ 1,567,120 (about Sh 170,816,734 while pretending he was in a position to sell him 500 kilogrammes of the precious gem will spend the weekend in prison custody after failing to raise a cash bail of Sh5million.
Elvis Ouma Muga alias Nick was charged before Milimani Law Courts senior principal magistrate David Ndungi and denied two counts of obtaining money through pretences and conspiracy to defraud Mr Bernhard Ten Brinke.
Mr Ndungi allowed Muga’s plea to be freed on a reasonable bond.
Defence lawyer Stanley Kang’ahi who applied to have the accused freed on reasonable bail terms urged the magistrate not to be swayed by the amounts in the charge sheet.
Mr Kang’ahi said the accused had been out on a police bond of Sh400,000. The money was returned to the accused in court to top to pay the Sh5million cash bail.
But lawyer Isaack Rene for the complainant Mr Brinke urged the magistrate to consider the amounts involved saying it was a colossal sum.
However, Mr Ndungi, while deciding on the bail plea said, “ bail is a Constitutional right to every suspect but courts are guided by the bail bond rules.”
He said the Court is required to consider “the amounts alleged to have been lost in the transactions.”
Mr Ndungi said the bail /bond must not be punitive as it would amount to denying accused persons their constitutional rights.
The magistrate said the prosecution led by Abel Omariba did not oppose the accused being admitted to bond.
The magistrate also argued the Sh400,000 police bond was too little for the court to free the suspect considering the large sum of money involved.
However, Mr Omariba had asked the Court to consider the amount that was allegedly obtained by the accused of the undelivered gold to Mr Brinke.
Mr Ndungi ordered the accused to deposit a bond of Sh10million with one surety of same amount.
He also granted the accused an alternative cash bail of Sh5million with two conduct persons.
“This case will be mentioned for directions on pre-trial dates on July 22,2021,” Mr Ndungi directed.
Muga was charged that on diverse dates between September 1 2020 and January 21, 2021, within at an unknown place jointly with others not before court conspired to defraud Mr Brinke USD ($)1,567,120 (KSh170,816,734) pretending you were in a position to sell to him (Brinke) gold.
The International Monetary Fund (IMF) has criticized Kenya for re-implementing the fuel subsidy scheme, expressing concerns that the lack of funds to pay oil marketers could distort the budget.
Despite a previous commitment by President William Ruto in 2022 not to subsidize pump prices, the government reintroduced the subsidy, preventing petrol and diesel prices from reaching higher levels in October 2023.
The IMF argues that the subsidy was applied without available funds, as the Treasury has yet to pay oil marketers at least Ksh9 billion ($55.6 million) accumulated from the previous year. President Ruto’s decision to reinstate subsidies goes against conditions set by the IMF for accessing loans.
Petrol and diesel prices, which were Ksh217.36 ($1.34) and Ksh205.47 ($1.27) respectively in Nairobi in October 2023, remained lower than the potential Ksh220.43 ($1.36) and Ksh217.11 ($1.34) due to the subsidy. However, the IMF disapproves of the decision, emphasizing that the removal of the subsidy was a key condition for a 38-month budget support scheme.
The IMF criticizes the prolonged process of forming a taskforce and delays in implementing decisions regarding fuel pricing.
The removal of the subsidy in May of the previous year led to record-high pump prices, crossing the Ksh200-mark later in the year due to a combination of subsidy removal and a VAT increase to 16 percent.
Kenya’s administration, faced with rising fuel costs, chose to reinstate the subsidy, prompting the IMF to raise alarms over the lack of budgeted funds and potential distortions in the country’s financial plans.
The ongoing disagreement highlights the challenges and consequences associated with balancing domestic economic policies and meeting international financial commitments
As the back-to-school rush season unfolds in Meru County, a growing number of parents are making a strategic choice to purchase second-hand books for their children.
This decision stems from the challenging economic conditions that have prompted families to seek ways to cut costs.
Among these parents is Ms. Prisca Gakii, who revealed that opting for second-hand books allows her to save money, which can then be allocated towards essential expenses like school fees.
She highlighted a practical advantage for Form-One students, emphasizing that using older books can protect them from potential theft, as new books often become targets for less scrupulous classmates.
Ms. Gakii pointed out a notable price difference, citing an example of a new Oxford dictionary priced at almost Sh1,900, compared to a used one available for Sh1400.
She justified her preference for the older but more affordable option, emphasizing that they contain the same content.
Janet Wamuyu, a second-hand books trader, shed light on the lucrative nature of their business during the opening of the first term, which coincides with the peak season.
As learners transition to new grades or classes, there is a heightened demand for various books, including dictionaries, Kamusi, and Golden Bells.
Wamuyu explained that this period, especially when Form-One students are joining school, facilitates easy acquisition of books for new stock.
The trading process involves exchanging books for the next grade or class at a lower rate, providing an economical alternative for parents instead of purchasing an entirely new set of books.
She further noted that their source of new stock comes from parents whose children have completed their studies and no longer require the books.
Despite the success during the peak season, Wamuyu acknowledged the challenges faced during other times of the year when only a few revision books are in demand, highlighting the cyclical nature of the business in Meru County.
Corporate Training Telemarketer at People FOCO
Care Team Senior Supervisor at Cigna
