Africa’s most valuable unicorn Flutterwave is still not off the hook in Kenya. About $3 million of its money that was confiscated in the second government seizure over money laundering and fraud claims remains frozen, in two banks, and 19 mobile money accounts (M-pesa paybill numbers), as the matter is before Kenya’s high court.
The $3 million funds seizure happened late August last year, less than two months after Kenyan court froze $52.5 million from Flutterwave and other entities including Elivalat Fintech, Boxtrip travel and tours, Bagtrip travels, Hupesi Solutions, Cruz Ride Auto Ltd, and Adguru.
With each seizure, the country’s Assets Recovery Agency (ARA), a state agency tasked with tracing proceeds of crime, filed a suit.
The initial case was closed last week and $52.5 million released, after the ARA formally withdrew the case. The second case, where Flutterwave, Adguru and Hupesi solutions are the respondents, however, continues. High court judge Esther Maina yesterday set the…
