Two high-flying private jet companies, Cullinan Jets Corp and Glo-Jet International Limited have seen their wings clipped by a High Court freeze on their bank accounts over money laundering allegations.
The bombshell ruling stems from suspicions that millions of dollars transferred from abroad were nothing more than laundered dirty money.
Justice Esther Maina, presiding over the anti-corruption court, dismissed the pleas of both companies to unfreeze their bank accounts.
Her verdict hinged on the Assets Recovery Agency’s (ARA) compelling argument that the funds in question reeked of criminal activity.
This isn’t just a case of turbulence for local operations; both Cullinan and Glo-Jet boast deep transatlantic roots.
Cullinan Jets Corp, an exclusive jet-setting service for international executives, is a subsidiary of a Miami-registered giant, while Glo-Jet takes its cue from its Florida-based parent company.
The plot thickened back in September when the High Court grounded the two companies’ financial wings, freezing bank accounts held at I & M Bank (for Cullinan) and Eco Bank (for Glo-Jet).
In a desperate bid to clear their names, both companies insisted that no grubby cash ever touched their accounts.
However, Justice Maina wasn’t convinced.
With the ARA presenting a persuasive case, she saw fit to keep the financial brakes on, leaving Cullinan and Glo-Jet facing an uncertain future.
The fallout from this decision is already swirling in the air.
In affidavits filed in court, company representatives painted a grim picture.
Louis Iteba Pamba and Geffrey Somoni Birundi, speaking on behalf of the grounded giants, warned that the freeze orders had created a “hostile environment” for international investment.
This chilling prospect, they claimed, had the parent companies seriously considering pulling the plug on their Kenyan operations and setting up shop in South Africa instead.
As the dust settles on this legal saga, one thing is clear: the days of smooth sailing for Cullinan and Glo-Jet in Kenya’s skies are on hold.
With the ARA determined to get to the bottom of the alleged financial chicanery, only time will tell if these luxury airliners will ever take off again.
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