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Billionaire Business Man Humphrey Kariuki Charged with Tax Evasion

Kariuki was apprehended over alleged illegal importation of ethanol at his Thika-based alcoholic drinks manufacturing firm, African Spirits Limited

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Billionaire, Business, Man
Businessmen Humphrey Kariuki,Staurt Gerald and Peter Njenga before Chief Magistrate Francis Andayi at the Milimani Law Court to answer charges of tax evation on August 19,2019.

BY GEOFFREY ISAYA 

Nairobi businessman Humphrey Kariuki was Monday evening re-arrested moments after he was charged with 21 counts of tax evasion and released on a cash bail of Ksh.11 million.

Kariuki was apprehended over alleged illegal importation of ethanol at his Thika-based alcoholic drinks manufacturing firm, African Spirits Limited

The tycoon is expected to be arraigned again on Tuesday.

Appearing before Magistrate Francis Andayi, Kariuki faced 21 counts of evading taxes amounting to Ksh.41 billion between 2014 and 2019.

Billionaire, Business, Man
Nairobi businessman Humphrey Kariuki was Monday evening re-arrested moments after he was charged with 21 counts of tax evasion and released on a cash bail of Ksh.11 million. Pixabay

The charges were contained in three files, all of which he denied.

He was released on a cash bail of Ksh.10 million for the first file and Ksh.500,000 each on the second and third case files.

Magistrate Andayi further directed that Kariuki deposit his travel documents with the court.

He presented himself in court on Monday, nearly two weeks after a Nairobi magistrate court issued summons against him.

A search mounted by multi-agency security last week reportedly traced the businessman to London after it emerged that he was out of the country.

Through his lawyer Kioko Kilukumi, Kariuki told the court that he returned to the country on Sunday night just a day before the court appearance.

While applying to have his client granted bail, Kilukumi refuted claims that Kariuki had gone into hiding, insisting that he is not a flight risk.

“There was no warrant of arrest either local or international issues against him,” Kilikumi argued.

“It is his constitutional rights to be granted bail. We ask you to grant our plea on reasonable bail terms.”

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Here’s How Cyber Attackers Compose BEC Attacks

Cyber criminals execute business email compromise attacks during business hours

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Cyber attacks on BEC
Over 90 per cent of business email compromise (BEC) cyber attacks take place on weekdays. Pixabay

Over 90 per cent of business email compromise (BEC) attacks take place on weekdays, with many being sent during typical business hours for the targeted organisation to make them more convincing, says a new study.

The research by US-based cyber security firm Barracuda Networks showed that 85 per cent of business email compromise attacks are urgent requests designed to get a fast response.

The average BEC attack targets no more than six employees, and 94.5 per cent of all attacks target less than 25 people, titled “Spear Phishing: Top Threats and Trends Vol. 3”.

“Attackers continue to find new ways to make business email compromise attacks more convincing, ultimately making them more costly and damaging to businesses,” Don MacLennan, Senior Vice President, Email Protection, Engineering and Product Management, Barracuda, said in a statement.

Cyber crime
The average BEC cyber attack targets no more than six employees. Pixabay

“Taking the proper precautions and staying informed about the tactics cybercriminals are using will help organisations defend themselves more effectively against these highly targeted attacks,” MacLennan said.

The report noted that business email compromise makes up a small percentage of spear-phishing attacks, but it has cost businesses more than $26 billion in the past four years, according to the Federal Bureau of Investigation (FBI) in the US.

Also Read- OnePlus Notifies People About Data Breach

Business email compromise attacks have high click-thru rates. One in 10 spear-phishing emails successfully tricks a user into clicking. That number triples for BEC attacks that impersonate someone within the organisation.

In the past 12 months, the average amount lost per organisation due to spear-phishing attacks was $270,000, said the report. (IANS)