In a a lot wanted public win because it turned embroiled in scandals in 2022, Kenya has dropped its costs of financial impropriety against Flutterwave. The court docket case started in July 2022, when Flutterwave was charged to court docket on suspicions of card fraud and cash laundering. As a end result, the court docket froze 6.2 billion Shillings held by the fintech big in varied Kenyan banks. Kenya’s Assets Recovery Agency (ARA) mentioned on the time.
At the time, the ARA mentioned: “The 1st Respondent’s (Flutterwave) bank accounts received billions in a suspected scheme of money laundering and the same deposited in different bank accounts in an attempt to conceal or disguise the nature, source, location, disposition or movement of the said funds.”
At the time, Flutterwave denied wrongdoing and mentioned that each one the transactions in query have been verifiable. Part of its assertion on the time learn, “By facilitating payments for the biggest organizations in the world and everyday businesses, we process significantly large volumes of money and contribute to growing the economy in Kenya, and the rest of Africa.”
Bloomberg first reported right this moment {that a} Kenyan excessive court docket has now dropped the costs against Flutterwave. The determination to drop these costs comes two months after related costs filed against Korapay, one other Nigerian fintech startup, have been additionally dropped. Three different Nigerian startups additionally had costs dropped against them.
The finish of this authorized wrangle is very helpful to Flutterwave, after its picture took a beating in 2022. Allegations of office misconduct and that some staff have been cheated out of inventory choices have been refuted by the corporate, however the barrage of dangerous press took some shine off a a lot beloved startup. Its aspirations to go public could very effectively be pushed again by the general public markets. But there’s little doubt that it wants some excellent news because it strikes ahead.
…. to be continued
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