“Prominent Banker John Ngumi Gains Judicial Reprieve Amidst Corruption Allegations”

by | May 11, 2023 | News | 0 comments

In a significant turn of events, an esteemed investment banker, John Ngumi, has obtained a critical court order preventing the Ethics and Anti-Corruption Commission (EACC) from arresting or detaining him. This development came after Ngumi turned to the courts, alleging an imminent threat of arrest and prosecution that could potentially tarnish his reputation as one of Kenya’s most distinguished financial figures.

Ngumi, the executive director of Eagle Africa Capital Partners, previously appeared before a joint session of the National Assembly committees. He contended that the EACC’s ongoing investigation into a suspected theft of Sh6 billion unfairly targeted him due to his association with former president Uhuru Kenyatta.

Justice Diana Kavedza, presiding over the High Court, stated: “Pending the hearing and determination of this application, the respondents, their servants, agents, including law enforcement, are restrained from arresting, detaining or harassing the applicant.” Further, she ordered Ngumi to provide a personal bond of Sh500,000 and to present himself to the EACC, alongside his attorney, for questioning at the earliest convenience.

“The applicant shall cooperate with the officers during the period of investigations,” the judge added. Ngumi has also named Noordin Haji, the Director of Public Prosecutions, in the court documents.

The influential banker alleges a sustained and malicious media campaign aimed at creating public animosity against him. After scrutinizing the application, Justice Kavedza was persuaded that Ngumi presented a compelling case for anticipatory bail, pending arrest. She has scheduled a follow-up hearing for May 23.

The case arises from a National Assembly investigation into the acquisition of Telkom Kenya, a deal in which the government paid Sh6.2 billion to Helios Investors LLP via Jamhuri Holdings Ltd (JHL), its Special Purpose Vehicle (SPV), in August last year, without Assembly approval. Ngumi, who received $3.07 million from JHL, a Mauritius-based firm, for advising on Helios’ exit from Telkom Kenya, is expected to clarify his role in the transaction to the committees.

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