I saw Amazon being given more than $ 5,000,000 in exemptions by the State of New York to have a second Headquarters in the State of New York. The citizens protested! Amazon pulled out from building the new headquarters.
Same thing happens in Kenya; Two banks merge and The Treasury exempts them from paying Taxes.
My Hero, A marketer called Humphrey K., is allegedly in court for evading tax. KES 41,000,000,000.00 is impossible!
Whereas ‘The Keinyattas’ are given a free pass at The Republic of Kenya’s funds!
The Treasury has exempted the merged CBA and NIC bank from paying share transfer tax running into hundreds of millions of shillings.
Suspended Treasury Secretary Henry Rotich had exempted the transfer of CBA shares into NIC Bank from paying stamp duty of one percent of worth of the unquoted stocks being transferred.
The transaction is taking place though a share swap between the two banks, with current NIC group shareholders owning 47 percent of the merged entity and CBA shareholders including the Kenyatta family owning 53 percent of the merged entity.
NIC Group will remain listed, suggesting a transfer of the CBA unquoted shares, which makes them liable for the one percent stamp duty tax.
The deal did not quote the value of CBA shares, but analysts estimate the value of 53 per cent stake at Sh35 billion based on the book value of Sh65 billion when the deal was announced—putting the stamp duty charge at more than Sh350 million.
Its first claim to notoriety was a botched anti-money laundering operation against an account holder called Crucial Properties, who in 2001 received 25 million US Dollars from Liechtenstein for the purposes of “property development and trading in Africa.” The account holder also ran a minor eatery in Nairobi which financial detectives didn’t think suggested the ability to attract tens of millions of legitimate dollars. The 25 million dollars vanished one day after the courts let through a stay order against the investigators. Thus began a suspicion that CHB was in the business of laundering the proceeds of illegal business, and in fact constituted a threat to national security. A US$1.5 billion Charter House of horrors - WikiLeaks
Let’s start with, your hero being a pharmacist not a marketer, then move to the fake KRA stamps he was caught holding and the illegal ethanol he is converting to spirits for local consumption and you still think he’s innocent???