The High Court has refrozen K1 billion held at First Capital Bank belonging to Infinity Finance Limited. The decision follows a successful application by the Financial Intelligence Authority (FIA) for a fresh preservation order amid suspicions the funds are linked to financial crimes.

The court granted the order after finding reasonable grounds to believe the money has been used, or is intended for use, in the commission of an offence, or that the funds constitute the proceeds of criminal activity. This follows the lapse of an earlier preservation order covering the same funds on 10 August. The FIA returned to court to secure the money before it could be moved or dissipated.

The FIA has not revealed the exact nature of the suspected offences connected to the K1 billion.