Mr Kuku ordered to pay Sh5.4bn for illegal dealings
Tariq Machibya (29) popularly known as Mr Kuku, is in the Kisutu Resident Magistrate's Court, after being read a case of economic sabotage with seven charges including running an illegal business PHOTO|HADIJA JUMANE
What you need to know:
- The Kisutu Resident Magistrate’s Court also sentenced Tariq Machibya to pay a fine of Sh5 million or go to jail for five years. He could not raise the money for fines yesterday and was taken to remand prison
Dar es Salaam. Trader Tariq Machibya, 29, alias ‘Mr Kuku’, was yesterday ordered by a city court to pay Sh5.4 billion in compensation after he was found guilty of running a pyramid scheme and illegally collecting Sh17 billion from the public on promise of lucrative returns.
The Kisutu Resident Magistrate’s Court also sentenced him to pay a fine of Sh5 million or go to jail for five years.
The court heard that Mr Machibya had been collecting the money from the public on promise that the money would be invested in his poultry farming project--Mr Kuku Farmers Limited--at Kigamboni in Dar es Salaam, a firm he operated without a licence.
Mr Machibya was initially facing seven charges but after pleading guilty before the Director of Public Prosecutions (DPP), the counts were reduced to two, which he has been convicted of.
The verdict was handed down by Senior Resident Magistrate Godfrey Isaya.
Mr Isaya said the defendant was found guilty in both counts and hence convicted.
“I have carefully considered to the matters of both parties and agreed with the prosecution’s arguments and that the money will be confiscated and become property of the Republic,” he said.
In the first count, the court ordered the defendant to pay a fine of Sh2 million or serve five years in prison for engaging in an illegal business.
In the second count, to which the defendant pleaded guilty of having received financial transactions from the public, the court required him to pay Sh3 million in fines or go to jail for five years.
“The accused is also required to pay compensation of Sh5.4 billion from his accounts, after pleading guilty to the two charges before the DPP,” said Senior Magistrate Isaiah.
Mr Isaya said the court had also ordered the confiscation of Sh5.4 billion in the accused’s three accounts and be transferred to BoT where it will be allocated to the account of the DPP.
However, the accused failed to pay the fines and was sent to custody.
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By Hadija Jumanne@TheCitizenTZ [email protected]
