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Freight firm fights freezing of its two bank accounts – Business Daily

Inland Africa Logistics Ltd has protested the freezing of its two bank accounts domiciled at NCBA and I&M banks. FILE PHOTO | NMG
A clearing, forwarding, and freight logistics firm has gone to the High Court to suspend the freezing of its two bank accounts by Banking Fraud Investigation Unit over Sh600 million.
Inland Africa Logistics Ltd has protested the freezing of its two bank accounts domiciled at NCBA and I&M banks noting that the act is likely to cripple its business.
According to the company, the accounts, through which all of its financial transactions are exclusively operated, have been frozen for 90 days without being offered an opportunity to be heard.
“The company, that for the past 18 years, has continuously been in the business of clearing, forwarding and transporting cargo that is predominantly foodstuffs with expiry dates, has had its operations severely crippled,” the firm states in its court documents.
Following laments that its clients continue to unnecessarily incur hefty demurrage charges with the fast-approaching expiry dates for their respective cargo.
In the matter filed under a certificate of urgency, the firm laments that its operations have been halted since a significant amount of money tied up by the order suspending operations of its account belongs to third parties who have paid it in advance and in trust for services to be rendered thereby exposing it to an avalanche of breach of contract.
The company further laments that the freezing of its accounts has exposed it to civil litigation such as distress for rent, demurrage and penalties from its landlords for rent, employees for non-payment of salaries, and breach of contract cases from its customers for failure to clear and deliver the respective cargo to their destinations.
“Even worse, the company is exposed to criminal sanction for having endorsed and issued current cheques to creditors that will inescapably be dishonored if banked and non-remittance of taxes to the Kenya Revenue Authority for already collected taxes from customers,” the firm said through Muriithi & Masore Advocates.
The firm has expressed fears that its trading license will be revoked thus forcing it to close shop out of no fault of its own.
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Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.