Kenya drops monetary impropriety case towards Flutterwave

In a a lot wanted public win because it grew to become embroiled in scandals in 2022, Kenya has dropped its fees 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. Consequently, the court docket froze 6.2 billion Shillings held by the fintech large in varied Kenyan banks. Kenya’s Belongings Restoration Company (ARA) stated on the time.

On the time, the ARA stated: “The first Respondent’s (Flutterwave) financial institution accounts acquired billions in a suspected scheme of cash laundering and the identical deposited in several financial institution accounts in an try to hide or disguise the character, supply, location, disposition or motion of the stated funds.”

On the time, Flutterwave denied wrongdoing and stated that every one the transactions in query had been verifiable. Part of its assertion on the time learn, “By facilitating funds for the largest organizations on the earth and on a regular basis companies, we course of considerably giant volumes of cash and contribute to rising the financial system in Kenya, and the remainder of Africa.”

Bloomberg first reported right this moment {that a} Kenyan excessive court docket has now dropped the costs towards Flutterwave. The choice to drop these fees comes two months after related fees filed towards Korapay, one other Nigerian fintech startup, were also dropped. Three different Nigerian startups additionally had fees dropped towards them.

The tip of this authorized wrangle is particularly helpful to Flutterwave, after its picture took a beating in 2022. Allegations of office misconduct and that some staff had been cheated out of inventory choices had been refuted by the corporate, however the barrage of unhealthy press took some shine off a a lot cherished startup. Its aspirations to go public might very nicely be pushed again by the general public markets. However there’s little doubt that it wants some excellent news because it strikes ahead.