@BusinessDaily

Son of slain Mombasa tycoon tells court of Sh10bn fraud

4 months ago, 8 Mar 17:43

By: Brian Ocharo

The son of the slain business magnate Tahir Sheikh Said, popularly known as TSS, Thursday told the court how his father was defrauded of Sh10 billion. Testifying in a case in which five men are accused of the crime, Mr Sabir Jahir Sheikh Said said the family came to learn of the fraud following complaints by the suppliers of unpaid bills. “After receiving numerous complaints from the suppliers, we arranged a meeting with them where they informed us of their grievances, they had not been paid for their services,” he said. He said an investigation was launched to find out why they had not been paid yet the funds had been released. “Sh100million was released from the bank account and payment made to the suppliers, they divided some of the money amongst themselves,” he told Mombasa Senior Principal Magistrate Francis Kyambia. Mr James Mwangi, Aweys Ahmed, Zein Ahmed, Zahir Abbas and Victor Were are accused of conspiracy to defraud the late Mr Said. The suspects are said to have filed false share transfer and change of directorship of TSS Group of Companies with the Registrar of Companies by pretending that he (deceased) had voluntarily released his shares to Isha Said. They are also accused of forging a guarantee indemnity, enabling them secure a loan from Kenya Commercial Bank (KCB) #ticker:KCB in February 2011. Mr Mwangi and Mr Aweys Mohamed are separately accused of stealing valuation reports, certificate of lease, PIN certificate and feasibility study booklet belonging to the deceased. The two are also accused of handling stolen goods. The offences are alleged to have been committed on diverse dates between February 8, 2011 and October 29, 2015 at TSS Grain Millers in Mombasa. The companies that they allegedly defrauded were TSS Grain, Juja Coffee Exporters, TSS Investment, TSS Salt Manufactures, and Mvita Bottlers. It also emerged during the hearing of the case that TSS had loans totaling Sh1.6 billion to other banks including Imperial, Habib, National Bank of Kenya and Bank of Africa. The case will be mentioned on March 29.
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Category: business news lifestyle corporate markets economy opinion

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@BusinessDaily

Son of slain Mombasa tycoon tells court of Sh10bn fraud

4 months ago, 8 Mar 17:43

By: Brian Ocharo
The son of the slain business magnate Tahir Sheikh Said, popularly known as TSS, Thursday told the court how his father was defrauded of Sh10 billion. Testifying in a case in which five men are accused of the crime, Mr Sabir Jahir Sheikh Said said the family came to learn of the fraud following complaints by the suppliers of unpaid bills. “After receiving numerous complaints from the suppliers, we arranged a meeting with them where they informed us of their grievances, they had not been paid for their services,” he said. He said an investigation was launched to find out why they had not been paid yet the funds had been released. “Sh100million was released from the bank account and payment made to the suppliers, they divided some of the money amongst themselves,” he told Mombasa Senior Principal Magistrate Francis Kyambia. Mr James Mwangi, Aweys Ahmed, Zein Ahmed, Zahir Abbas and Victor Were are accused of conspiracy to defraud the late Mr Said. The suspects are said to have filed false share transfer and change of directorship of TSS Group of Companies with the Registrar of Companies by pretending that he (deceased) had voluntarily released his shares to Isha Said. They are also accused of forging a guarantee indemnity, enabling them secure a loan from Kenya Commercial Bank (KCB) #ticker:KCB in February 2011. Mr Mwangi and Mr Aweys Mohamed are separately accused of stealing valuation reports, certificate of lease, PIN certificate and feasibility study booklet belonging to the deceased. The two are also accused of handling stolen goods. The offences are alleged to have been committed on diverse dates between February 8, 2011 and October 29, 2015 at TSS Grain Millers in Mombasa. The companies that they allegedly defrauded were TSS Grain, Juja Coffee Exporters, TSS Investment, TSS Salt Manufactures, and Mvita Bottlers. It also emerged during the hearing of the case that TSS had loans totaling Sh1.6 billion to other banks including Imperial, Habib, National Bank of Kenya and Bank of Africa. The case will be mentioned on March 29.
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