Kenya’s Asset Recovery Agency (ARA) has dropped fraud charges against Nigerian fintech company Korapay Technologies limited.
In new court documents, ARA has filed a notice of withdrawal of the charges at the High Court of Kenya at Nairobi Anti-Corruption and Economic Crimes Division.
The move comes three months after the agency withdrew a lawsuit against three other Nigerian companies Avalon Offshore Logistics limited, OIT Africa limited and Remx Capital Limited which were at the centre of an international money laundering syndicate and were at risk of losing Sh5.7billion to the state as proceeds of crime.
In the document drawn and filed on the 19th of October 2022, by state counsel Stephen Githinji on behalf of ARA director, the agency said that it had withdrawn its suit in its entirety.
In a further document issued by the Directorate of Criminal Investigation (DCI) the agency cleared 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,” a statement from the DCI reads in part.
“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.
The company had been accused of money laundering and card fraud last July.
