In this article, we will discuss and explore the case and where the Kenya courts decline a request to withdraw the case of Fluuterwaves. Plans by Kenya’s Assets Recovery Agency (ARA) to withdraw and its second case against African Fintech giant Flutterwave have been shot down by the High Court, Kenya’s third highest court.
What is the entire matter and what happened we will provide you with all information and details about this case and clear your all doubts so let’s get started and drag down the page and continue to read the article until the end.
In August last year, the agency had frozen $ 3 million belonging to Flutterwave, Hupesi Solutions and Adguru Technology Limited on suspicion of money laundering and fraud. The fund’s seizure happened two months after the Ara froze another $52.5 million belonging to Flutterwave and six other companies. The ARA filed a suit after each seizure, the first of which was withdrawn formally in March this year.
Read Related Also: Who Is Alex Wubbels? Why She Was Arrested And Charged?
Flutterwave is a Nigerian Fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent. Kenyan central bank Governor Patrick Njorge disclosed on 28 July 202 after the Monetary Policy Committee meeting that Flutterwave and Chipper have not been granted a licence to operate in the country. The clarification of Patrick followed an initial ruling by a Kenya high court on 6 July 2022 which froze all assets and accounts of Flutterwave in the country.
In February 2023, A Kenyan court released $51.9 million belonging to Flutterwave after the Asset Recovery Agency of Kenya withdrew its case against the startup. Kenya’s Assets Recovery Agency. The company has denied accusations of financial misconduct. Flutterwave has been subject to multiple lawsuits and allegations of denying former employees stock rights as well as having a culture of bullying and harassment.
The request for the withdrawal of the second suit was rejected by High Court Judge Ixon Sifuna and who in a ruling seen by Techcrunch and noted that ARA is a public-funded body and had failed to give reasons for the withdrawal including negotiations or settlement or the term of such negotiations or settlement.
In the two cases, the agency said Flutterwave’s bank accounts were used as conduits for money laundering under the guise of merchant services. It said Flutterwave had failed to provide evidence to validate retail transactions from customers. It added that there was no evidence of settlements for the alleged merchants. Stay tuned to the social telecast.
