City car dealer Joseph Kairo Wambui, alias Khalif Kairo, has broken his silence following his rearrest shortly after a court mention on Tuesday, January 28.
Kairo was rearrested shortly after leaving the Milimani Law Courts on the morning of Tuesday, January 28.
The businessman had attended the court mention after being arraigned on Monday, January 13, on charges of defrauding his clients of Ksh2.1 million and Ksh2.9 million, respectively.
In a statement on Wednesday, Kairo shared an update explaining that he was taken to Parklands Police Station, where he was held overnight in connection with a separate matter.
He stated that he would be presented at the Milimani Law Courts for plea-taking.
“I am currently in Milimani law courts and will be presented for plea taking shortly. I have had an impressive ten-year run-in business with zero criminal cases pertaining cars and thousands of people have successfully bought cars from me,” Kairo said.
According to Kairo, his company, Kai and Karo Ltd, has made every effort to resolve the matter amicably and fulfill pending car deliveries.
Kairo breaks silence, appeals for financial help
However, he claimed that the “negative media publicity” and “constant police involvement” are hindering his company’s operations, leading to the closure of all his offices.
Also Read: Car Dealer Khalif Kairo Turns to Ahmednasir for Help Amid Finacial Woes
The businessman has now appealed to his supporters and friends for financial assistance.
“All is not lost however, I am directly appealing to my supporters, friends, old clients, and associates to chip in whatever amount they can and give us a fighting chance against the unknown forces that are sabotaging my company,” he added.
The businessman has also noted that his fundraising campaign which he launched was shut down on Tuesday night after crossing the $100,000 mark due to the ongoing legal issues.
$2 Million target
Kairo had on Monday announced that his company, Kaiandkaro Limited, through its newly launched parent company based in the U.S., aims to raise the $2 million in seed funding.
According to Kairo, the decision to raise the funds followed “teething cash flow issues that have affected delivery timelines for imported used vehicles, threatened our public goodwill, and limited our growth.”
Seed funding refers to the initial capital that early-stage startups raise to help them launch and develop their businesses.
It is typically the first round of investment funding a company seeks, often before fully developing its product or establishing a strong revenue stream.
The car dealer further shared the platform under which he plans to raise the funds through Regulation Crowdfunding (Reg CF).
Reg CF refers to a set of rules created by the U.S. Securities and Exchange Commission (SEC) in 2015 under the JOBS (Jumpstart Our Business Startups) Act.
Also Read: Car Dealer Khalif Kairo Turns to Ahmednasir for Help Amid Finacial Woes
These rules allow businesses, especially startups and small businesses, to raise capital by selling securities (equity, debt, or other types) to a large number of investors via online crowdfunding platforms.
Dramatic arrest
Kairo will be appearing before Court following his arrest on Tuesday.
In a video seen by The Kenya Times, three officers believed to be from the Directorate of Criminal Investigations (DCI) headquarters were seen escorting Kairo to a waiting SUV inside the precincts of the Court.
The businessman was accompanied by his relatives including his mother who was seen trying to negotiate with one of the officers.
However, the officer can be heard informing Kairo’s mother that the arrest was related to a separate case before driving away with her son for further questioning.
Preliminary reports suggest that the detectives intervened due to new allegations involving a high-end vehicle, in which Khalif is accused of taking payment from a client but failed to deliver the car.
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