8 months ago
A caller ruling by the Kenyan High Court successful favour of the Nigerian fintech startup Flutterwave volition spot it yet get entree to $3 cardinal which has been frozen since July 2022. The justice slammed the Assets Recovery Agency for continuing to clasp onto the funds adjacent aft it withdrew its suit against Flutterwave.
Flutterwave’s Legal Battle Against Kenyan Anti-Graft Agency Ends
A Kenyan tribunal has reportedly issued an bid to unfreeze $3 cardinal belonging to the Nigerian fintech startup Flutterwave and 2 associated companies. This ruling is expected to enactment an extremity to a protracted ineligible conflict implicit the frozen funds, which persisted adjacent aft the anti-graft bureau Assets Recovery Agency (ARA) withdrew its suit against the startup.
As reported by Bitcoin.com News successful July 2022, implicit 50 slope accounts containing funds linked to Flutterwave were frozen astatine the petition of the Kenyan anti-corruption agency. The ARA sought the frost bid pursuing an probe that tied these slope accounts to “suspicious activities.” At the time, the cumulative equilibrium crossed these accounts exceeded $60 million.
Flutterwave has repeatedly denied immoderate wrongdoing and successful aboriginal 2023, the startup’s CEO reportedly went to Kenya to question the funds’ release. However, astir a period later, the archetypal lawsuit against the startup was withdrawn which resulted successful the merchandise of much than $50 million. The ARA nevertheless continued to clasp connected to immoderate of the remaining funds drafting the ire of the judge.
“Such a litigation facade oregon decoy is inappropriate, an maltreatment of the tribunal process, and an effort astatine squandering the scarce judicial time,” the Nairobi justice reportedly said.
According to the report, Flutterwave volition present effort to get a Kenyan payments and remittance license.
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