The assets recovery agency (ARA)has moved to court in a bid to drop lawsuit against Nigerian start-up Flutterwave.
The Africa-focused financial technology was linked to money laundering allegations and card fraud. The Ksh 6.2 Billion was frozen by the high court in July 2022 after an application by the assets recovery agency.
Justice Esther Maina declined an application by one of the investors who sought to be enjoined in a forfeiture suit to represent 428,000 other investors who claimed court proceedings by ARA has affected them.
"I have carefully considered the joinder application by the proposed interested party and my finding is that it has no merit. This is because ARA has already intimated it wishes to withdraw the suit against the respondents and hence the properties or assets will no longer be liable to forfeiture."
Last year, The agency said in court filings that the bank accounts received billions of shillings whose source is suspected to be money laundering and card fraud.
ARA informed the court that the funds in Flutterwave’s accounts were received from specific foreign entities and transferred to specific accounts belonging to the six companies instead of as settlement to merchants.
Flutterwave had denied the allegations, saying it had the necessary records to prove its innocence.
Flutterwave is owned by Nigerians Olugbenga Agboola, Adeleke Christopher, Iynoluwa Samuel and Flutterwave Inc which is registered in the United States
Flutterwave forfeiture suit will be mentioned on February 14, 2023 when ARA is expected to confirm its decision.
