By Ahmed Zayed

Share news tips with us here at Hivisasa

THE purported recovery of so-called treasure of slain Libyan President Muammar Gaddafi in Kenya has brought to the fore the problem of fake money syndicates in the East African country.

It has been reported an amount of between US$80 million and $100 million was found at a warehouse of a logistics company in Nairobi.

The amount is supposedly part of the billions of dollars the Libyan leader stashed before his ouster and eventual killing in 2011 by French-US backed North Atlantic Treaty Organization (NATO) extremists.

However, there are doubts over the purported treasure reportedly found at a local logistics company following a series of recoveries of counterfeit money in Kenya.

In February, counterfeit banknotes including Kenyan shillings, US dollars and Euros were found at a house in the central town of Ruiru. Police officers also recovered small pieces of gold and some licensed firearms. Two men were arrested on charges of money-laundering.

In March, police seized wads of fake US$20 million at a Nairobi branch of a leading bank. Six suspects were arrested.

Despite the prevalence of fake money, there are calls for authorities to investigate IPLCEA. Analysts said if the reports of a treasure of Gaddafi's were authentic, the money must be surrendered to Kenya’s government.

If the money is fake, the company could face charges of manufacturing and distributing counterfeit money. According to its website, the Kenyan company is “dedicated to helping businesses succeed.”

“We achieve this by providing competitive services in the logistics and supply services and ensuring that the client remains in control of their supply agreements at all times,” it states.

In April, a South African newspaper alleged more than R400 million ($27,8 million) cash stolen from Libya by Gadaffi had been stashed at the rural home of former president Jacob Zuma.

Source: CAJ NEWS