Anonymous whistle-blower has written to the Kenya Revenue Authority (KRA) exposing the underdealings that Nairobi Governor Mike Sonko and City Tycoon Stanely Kinyanjui have allegedly been using to evade taxes estimated to total over Sh3 billion.
According to the whistle-blower, Magnate Ventures Ltd has been evading tax by under-declaring the number of billboards it owns in the country.
“Magnate Ventures Limited owns over one thousand (1,200) billboards countrywide. However, in a 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,” wrote the whistleblower.
Magnate Ventures is owned and managed by city tycoon Stanley Kinyanjui. The whistle-blower cited that the firm has been working with senior Nairobi county officials and Nairobi governor Mike Sonko to under-declare the income of his business.
“All this has been done with the full knowledge and connivance of the Nairobi county governor Mike Sonko and the planning department at Nairobi county who have participated in sharing out bribes given by Stanley Kinyanjui. This has resulted in the loss of over ksh3 billion in taxes to the people of Kenya,” adds the whistleblower.
Kinyanjui, Magnet ventures owner is not a new name in corruption scandals, he, just like the embattled governor have been accused of underdealing that led to losses of revenue for taxpayers.
Stanley Kinyanjui is a well-known figure in Uhuru Kenyatta circles being a frequenter at the Galileo Lounge owned by medical tenderpreneurs Ngatia.
He was also very visible during the Jubilee campaigns where he is said to contribute a lot of money.
Last year, it was revealed that Magnate Venture was the company awarded a tender to supply security scanners at the Jomo Kenyatta International Airport (JKIA). However, as it emerged later, the scanners were faulty. Some of the screening machines immediately broke down after installation.
The Primary Security Screening Facility at JKIA was installed in September 2015 by an American-based firm Rapiscan System through a joint venture with Magnet Ventures Ltd. Kenya Airports Authority (KAA) entered into tender No. KAA/ES/HQ/918/E with M/S Magnate Ventures Ltd and JV High Technologies Detection Systems (HTDS) for a sum of $5,848,226.50 (about Sh600 million), commencing March 2015.
In 2016, he was linked as having defrauded someone off 100 acres in Kitengela.
In November 2019, over 3000 residents filed a petition at the Environment and Land Court in Nakuru seeking orders declaring them genuine occupants of the land.
Newell Holdings Limited scammed peasant farmers by selling their land to the white elephant project of an Industrial Park and Inland Container Depot in Naivasha.
The company Newell Holdings Limited which executed this scam of epic proportions is majority-owned by prominent Uhuru financier Stanley Kinyanjui. Another shareholder of 40% is owned by a lady called Rahab Mwihaki Karoki.
To date, the case, which has been under investigations by the Directorate of Criminal Investigations (DCI) has never been concluded.
Is it because they funded Jubilee Campaigns?
