Magnate Ventures, the advertising company that is owned by Stanley Kinyanjui has been exposed over sh3 billion tax evasion.
A letter shared online states that the firm has been under quoting the number of billboards it has from so as to avoid paying tax.
“Magnate Ventures Limited owns over one thousand (1,200) billboards countrywide. However, in 3 deliberate attempt to gain a tax benefit Magnate Ventures Limited has been declaring that it owns
about one hundred (100) billboards in Nairobi county while the true position is contrary to their declarations”, the anonymous letter to the Kenya Revenue Authority (KRA) says.
Mr Kinyanjui has been exposed before in various online platforms as a crooked businessman who has little care for the environment. Most of those accusations were pegged on how the firm bribes the county government of Nairobi officials so as to break the law in placing its billboards in some forbidden places; an exercise that most often included cutting down trees.
The tax evasion claim now looks like he might not survive it. The anonymous tip also states that Nairobi County Government officials have been receiving bribes so as to corroborate that the firms only owns 100 billboards.
Though KRA is yet to respond to the letter that has been sent to them and Cced to the Commissioner, Intelligence and Strategic Operations. This matter remains grave as the country grapples with Covid-19 pandemic which had reduced business activities and dented the chances of the Tax agency meeting its set tax collection targets.
Tax evasion rampant
In the few last months of 2019 and the beginning of 2020, Keroche Breweries was at the centre of the storm for not honoring a sh9.1 billion tax bill.
Humphrey Kariuki of African Spirits and Wow Beverages was also accused of tax evasion amounting to more than Sh41 billion.
Going by the Magnate Ventures expose’, there might be more rot underneath.
The anonymous letter to KRA says Magnate Ventures has been under declaring their billboards count for over 7 years.
Crooked CEO
Stanley Kinyanjui was also linked to sh600 million faulty airport security cameras tenders
Directorate of Criminal Investigations (DCI) last year probed the award of a multimillion tender for supply of scanners to Magnate Ventures Limited, which supplied faulty machines.
The Jubilee party financier seemed to have walked away untouched by the airport scandal, despite Kenya having a direct flight pact between Nairobi and New York and the airport being a safety hazard opening many fronts to terror attacks.
Most of the machines Stanley Kinyanjui supplied to Jomo Kenyatta International Airport (JKIA) broke down immediately after installation, raising eyebrows.
The tender reference number KAA/ES/JKIA/918/E between KAA and Magnate Ventures was paid in full yet the supplies were never in full, and those supplied broke down.
