Charges have been dropped against Kora, the pan-African payment company accused of money laundering and card fraud last July in Kenya.
In court documents, Kenya’s Asset Recovery Agency filed a notice of withdrawal at the High Court of Kenya at Nairobi Anti-Corruption and Economic Crimes Division.
In the documents state counsel Stephen Githinji on behalf of Asset Recovery Agency director, the agency said that it had withdrawn its suit in its entirety.
In a further document issued by the Kenyan Directorate of Criminal Investigation earlier this week, the agency clears Kora of any wrongdoing in the ARA application.
“Please note that investigations are now finalised. I would like to confirm that allegations of money laundering and card fraud against [Kora] were not established. Please treat this communication as final,” part of the statement from the DCI reads.
“Kora has always maintained its innocence in this matter and we are glad that finally the ARA and the DCI have dropped all charges and ratified Kora. We’d also like to commend both agencies for their professionalism and thoroughness in seeing this investigation to the conclusive end,” says Gideon Orovwiroro, Kora’s Chief Operations Officer.
In July, the High Court froze the accounts of Kora and another Nigerian fintech company, Kandon Technologies Limited, for allegedly siphoning Sh6 billion (~$51 million) into the country. Lady Justice Esther Maina issued the orders in two separate suits filed by ARA.
The court froze US$249,990 (Ksh29.5 million) belonging to Kora’s account with Equity Bank, while Kandon Technologies Ltd had its US$126,841 (Ksh15 million) in two accounts at UBA bank frozen. According to the ruling, both companies will not withdraw or transfer money in the stated accounts for six months so that ARA can complete investigations into the allegations.
Gideon Orovwiroro stated that Kora acknowledges the potential Kenya presents as they pursue their mission to make it easy for global businesses to accept payments in Africa, and for African businesses to accept global payments. He said they are looking forward to launching multi-currency bank account products for African businesses that will empower merchants to have bank accounts in GBP, EUR, USD and other in-demand currencies.
