A Kenyan High court has reportedly given the order to freeze another Sh400.6 million ($3.3 million) in banks, M-Pesa linked to Flutterwave. This was done upon the application by the Assets Recovery Agency (ARA) to block the transfer or withdrawal, pending the filing of a petition to have the money forfeited to the government
This follows a similar previous order from a high court to freeze Sh7 billion ($59.2 million) belonging to foreign nationals and entities including Flutterwave in July 2022.
According to reports, the frozen funds were held in two accounts at UBA Bank, one account at Access Bank and 19 M-Pesa paybills. The amounts frozen include Sh110 million in UBA account, another US $ 556,622 (Sh66.7 million), Sh29.1 million in Access Bank and Sh68 million, Sh112 million and Sh14.5 million in a total of 19 Safaricom Paybill numbers.
Justice Grace Nzioka barred the companies from withdrawing, transferring or dealing with the money, pending ARA’s probe.
“A preservation order be and is hereby issued prohibiting 1st respondent or his agents or representative from transacting, withdrawing, transferring, using any other dealings in respect to the money held in the account,” ruled Justice Nzioka.
The agency said in court filings that the bank accounts received millions of shillings whose source is suspected to be money laundering and card fraud.
In the case of the last allegation, the company came out to deny the money laundering charges brought against it, saying that “claims of financial improprieties involving the company in Kenya are entirely false.”
Flutterwave is yet to make an official statement in response to this new allegation.
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