Kenyan Business Feed
No Result
View All Result
Friday, January 22, 2021
Subscribe
  • Home
  • News
    Former MP and Husband involved in Ksh49m graft case

    Former MP and Husband involved in Ksh49m graft case

    Reprieve for counties as treasury release Ksh. 25billion

    Reprieve for counties as treasury release Ksh. 25billion

    Faulu bank partners with 20 counties to support learning in schools

    Faulu bank partners with 20 counties to support learning in schools

    KenGen Plans Direct Selling Of Electricity

    COVID-19: KenGen’s 5-point return-to-work strategy

    Gov’t now wants youths stop depending on employment and use their talents

    Gov’t now wants youths stop depending on employment and use their talents

    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Kenyan SMEs to benefit from Sh11 billion support from UK’s CDC Group

    Kenyan SMEs to benefit from Sh11 billion support from UK’s CDC Group

    Kenyan PR agency bags international award

    Kenyan PR agency bags international award

  • Markets
    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Kenyan PR agency bags international award

    Kenyan PR agency bags international award

    Startimes land broadcast rights for Continental showpiece

    Startimes land broadcast rights for Continental showpiece

    Israel set to showcase agricultural innovations in Embu

    Israel set to showcase agricultural innovations in Embu

    Emirates among first airlines to try IATAs’ digital platform for COVID-19

    Emirates among first airlines to try IATAs’ digital platform for COVID-19

    Moet & Chandon ink partnership with premier restaurant Oysters & More

    Moet & Chandon ink partnership with premier restaurant Oysters & More

    Sarova introduces new brands as it diversifies into standalone restaurants

    Sarova introduces new brands as it diversifies into standalone restaurants

    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

  • Real Estate
    Tatu City partners with Konza to attract investors to Kenya

    Tatu City partners with Konza to attract investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    National Bank and Octagon ink 100 billion service partnership

    National Bank and Octagon ink 100 billion service partnership

    Real Estate: Cytonn invites bids for this 4 acre piece of prime land in Kilimani

    Mizizi Africa Homes voted best low cost housing developer 2020

    Mizizi Africa Homes voted best low cost housing developer 2020

    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    32% of Kenyans to change houses over Covid-19

    32% of Kenyans to change houses over Covid-19

    Kenyan Firm awarded Most Innovative Community Developer 

    Cytonn Real Estate completes The Alma Phase 3; 120 units set for handover

    Serviced Apartments Record Decline in Rental Yields

    Serviced Apartments Record Decline in Rental Yields

  • Tech
    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    LG unveils premium monitors

    LG unveils premium monitors

    Pesalink appoints Gituku Kirika as CEO

    Pesalink appoints Gituku Kirika as CEO

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    realme C12 and 7i now Available In Kenya

    2021: realme to release more smartphone in Kenya

    Samsung banking on technology personalisation to increase market share

    Samsung banking on technology personalisation to increase market share

    Cellulant CEO Ken Njoroge to step down in 2021

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Whatsapp to block users this February following new policy

    Whatsapp to block users this February following new policy

  • World Business
    Defiant: Words such as ‘China virus’, ‘impossible Paris climate deal’ mark Donald Trump’s speech as he bids farewell to USA

    Defiant: Words such as ‘China virus’, ‘impossible Paris climate deal’ mark Donald Trump’s speech as he bids farewell to USA

    Twitter CEO finally breaks silence about banning US President Donald Trump from the platform

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Trump threatens to slash US funding to World Health Organization

    A year later, WHO still insists on visiting China to probe virus origin

    F1 superstar to miss Sakhir GP after testing positive for coronavirus – Statement

    F1 superstar to miss Sakhir GP after testing positive for coronavirus – Statement

    Boeing’s 737 Max Cleared to Fly in the US After Crashes

    Boeing’s 737 Max Cleared to Fly in the US After Crashes

    Guinness forced to recall contaminated brand

    Guinness forced to recall contaminated brand

    WTA Names Kenya as Africa’s Leading Tourist Destination 2020

    WTA Names Kenya as Africa’s Leading Tourist Destination 2020

    United States: Close Contest as Trump Declares himself Winner

    United States: Close Contest as Trump Declares himself Winner

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Former MP and Husband involved in Ksh49m graft case

    Former MP and Husband involved in Ksh49m graft case

    Reprieve for counties as treasury release Ksh. 25billion

    Reprieve for counties as treasury release Ksh. 25billion

    Faulu bank partners with 20 counties to support learning in schools

    Faulu bank partners with 20 counties to support learning in schools

    Gov’t now wants youths stop depending on employment and use their talents

    Gov’t now wants youths stop depending on employment and use their talents

    Unreliable KPLC sends KBL on a power making venture

    Unreliable KPLC sends KBL on a power making venture

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Kenyan PR agency bags international award

    Kenyan PR agency bags international award

    Kenyan Scientists Discover New Coronavirus modification

    Kenyan Scientists Discover New Coronavirus modification

    Israel set to showcase agricultural innovations in Embu

    Israel set to showcase agricultural innovations in Embu

    • Agribusiness
    • Banking
      Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

      Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

      KCB, MoH and Kazi kwa vijana biggest advertisers in the past 5 months

      Mastercard, Unilever and KCB Bank strengthen partnership to support micro-retailers in Kenya

      ‘Beware of fake currency’, CBK Warns

      Diaspora remittances rose by 11 per cent to Sh341 billion in 2020 – CBK

      6.5 million register new mobile money accounts in 2020 -CBK

      6.5 million register new mobile money accounts in 2020 -CBK

      SIB banks’ foreign investment arm records mild drop in returns

      SIB banks’ foreign investment arm records mild drop in returns

      DTB issues profit warning

      DTB issues profit warning

      How to join, get a loan from Metropolitan Sacco

      Stanbic Bank systems down over Christmas period

      Equity Restructures Ksh92 Billion Loans To cushion Customers Against COVID-19

      Equity Becomes first bank in Eastern and Central Africa to achieve trillion-shilling balance sheet

    • Insurance
      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      ICEA Lion Life appoints a new CEO

      ICEA Lion Life appoints a new CEO

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Octagon feted in 2020 World Pension Summit Innovation Awards

      Octagon feted in 2020 World Pension Summit Innovation Awards

      What do you need to know before purchasing car insurance?

      What do you need to know before purchasing car insurance?

      National Bank of Kenya Bags Global Recognition

      National Bank of Kenya Bags Global Recognition

      DIB Awarded Best Islamic Bank in Kenya

      DIB Awarded Best Islamic Bank in Kenya

      Insurance: IRA Foils Over Ksh300 Million Fraudulent Claims

      20 out of 56 licensed insurers in Kenya fail capital test

      Tom Gitogo offloads his shares in CIC Insurance

      Tom Gitogo offloads his shares in CIC Insurance

    • Manufacturing
    • Opinion
      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      Crisis as young Kenyans now embrace Crime as lifestyle

      Crisis as young Kenyans now embrace Crime as lifestyle

      Employment Exit Strategy: The smart way to leave job for entrepreneurship.

      Employment Exit Strategy: The smart way to leave job for entrepreneurship.

Kenyan Business Feed
  • Home
  • News
    Former MP and Husband involved in Ksh49m graft case

    Former MP and Husband involved in Ksh49m graft case

    Reprieve for counties as treasury release Ksh. 25billion

    Reprieve for counties as treasury release Ksh. 25billion

    Faulu bank partners with 20 counties to support learning in schools

    Faulu bank partners with 20 counties to support learning in schools

    KenGen Plans Direct Selling Of Electricity

    COVID-19: KenGen’s 5-point return-to-work strategy

    Gov’t now wants youths stop depending on employment and use their talents

    Gov’t now wants youths stop depending on employment and use their talents

    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Kenyan SMEs to benefit from Sh11 billion support from UK’s CDC Group

    Kenyan SMEs to benefit from Sh11 billion support from UK’s CDC Group

    Kenyan PR agency bags international award

    Kenyan PR agency bags international award

  • Markets
    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Kenyan PR agency bags international award

    Kenyan PR agency bags international award

    Startimes land broadcast rights for Continental showpiece

    Startimes land broadcast rights for Continental showpiece

    Israel set to showcase agricultural innovations in Embu

    Israel set to showcase agricultural innovations in Embu

    Emirates among first airlines to try IATAs’ digital platform for COVID-19

    Emirates among first airlines to try IATAs’ digital platform for COVID-19

    Moet & Chandon ink partnership with premier restaurant Oysters & More

    Moet & Chandon ink partnership with premier restaurant Oysters & More

    Sarova introduces new brands as it diversifies into standalone restaurants

    Sarova introduces new brands as it diversifies into standalone restaurants

    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

  • Real Estate
    Tatu City partners with Konza to attract investors to Kenya

    Tatu City partners with Konza to attract investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    Tatu City Partners with Konza to Attract Investors to Kenya

    National Bank and Octagon ink 100 billion service partnership

    National Bank and Octagon ink 100 billion service partnership

    Real Estate: Cytonn invites bids for this 4 acre piece of prime land in Kilimani

    Mizizi Africa Homes voted best low cost housing developer 2020

    Mizizi Africa Homes voted best low cost housing developer 2020

    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    Cytonn Hands Over Phase III of Comprehensive-Lifestyle Project, The Alma

    32% of Kenyans to change houses over Covid-19

    32% of Kenyans to change houses over Covid-19

    Kenyan Firm awarded Most Innovative Community Developer 

    Cytonn Real Estate completes The Alma Phase 3; 120 units set for handover

    Serviced Apartments Record Decline in Rental Yields

    Serviced Apartments Record Decline in Rental Yields

  • Tech
    Nokia launches low cost smartphones for the Kenyan market

    Nokia launches low cost smartphones for the Kenyan market

    LG unveils premium monitors

    LG unveils premium monitors

    Pesalink appoints Gituku Kirika as CEO

    Pesalink appoints Gituku Kirika as CEO

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    Samsung Galaxy S21 is now out,pre orders open in Kenya

    realme C12 and 7i now Available In Kenya

    2021: realme to release more smartphone in Kenya

    Samsung banking on technology personalisation to increase market share

    Samsung banking on technology personalisation to increase market share

    Cellulant CEO Ken Njoroge to step down in 2021

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Whatsapp to block users this February following new policy

    Whatsapp to block users this February following new policy

  • World Business
    Defiant: Words such as ‘China virus’, ‘impossible Paris climate deal’ mark Donald Trump’s speech as he bids farewell to USA

    Defiant: Words such as ‘China virus’, ‘impossible Paris climate deal’ mark Donald Trump’s speech as he bids farewell to USA

    Twitter CEO finally breaks silence about banning US President Donald Trump from the platform

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Millions Abandon Whatsapp over new Contentious Policy, Signal, Telegram record growth

    Trump threatens to slash US funding to World Health Organization

    A year later, WHO still insists on visiting China to probe virus origin

    F1 superstar to miss Sakhir GP after testing positive for coronavirus – Statement

    F1 superstar to miss Sakhir GP after testing positive for coronavirus – Statement

    Boeing’s 737 Max Cleared to Fly in the US After Crashes

    Boeing’s 737 Max Cleared to Fly in the US After Crashes

    Guinness forced to recall contaminated brand

    Guinness forced to recall contaminated brand

    WTA Names Kenya as Africa’s Leading Tourist Destination 2020

    WTA Names Kenya as Africa’s Leading Tourist Destination 2020

    United States: Close Contest as Trump Declares himself Winner

    United States: Close Contest as Trump Declares himself Winner

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Former MP and Husband involved in Ksh49m graft case

    Former MP and Husband involved in Ksh49m graft case

    Reprieve for counties as treasury release Ksh. 25billion

    Reprieve for counties as treasury release Ksh. 25billion

    Faulu bank partners with 20 counties to support learning in schools

    Faulu bank partners with 20 counties to support learning in schools

    Gov’t now wants youths stop depending on employment and use their talents

    Gov’t now wants youths stop depending on employment and use their talents

    Unreliable KPLC sends KBL on a power making venture

    Unreliable KPLC sends KBL on a power making venture

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

    Kenyan PR agency bags international award

    Kenyan PR agency bags international award

    Kenyan Scientists Discover New Coronavirus modification

    Kenyan Scientists Discover New Coronavirus modification

    Israel set to showcase agricultural innovations in Embu

    Israel set to showcase agricultural innovations in Embu

    • Agribusiness
    • Banking
      Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

      Exclusive: What it Takes to Lead a Multi billion Sacco in Kenya

      KCB, MoH and Kazi kwa vijana biggest advertisers in the past 5 months

      Mastercard, Unilever and KCB Bank strengthen partnership to support micro-retailers in Kenya

      ‘Beware of fake currency’, CBK Warns

      Diaspora remittances rose by 11 per cent to Sh341 billion in 2020 – CBK

      6.5 million register new mobile money accounts in 2020 -CBK

      6.5 million register new mobile money accounts in 2020 -CBK

      SIB banks’ foreign investment arm records mild drop in returns

      SIB banks’ foreign investment arm records mild drop in returns

      DTB issues profit warning

      DTB issues profit warning

      How to join, get a loan from Metropolitan Sacco

      Stanbic Bank systems down over Christmas period

      Equity Restructures Ksh92 Billion Loans To cushion Customers Against COVID-19

      Equity Becomes first bank in Eastern and Central Africa to achieve trillion-shilling balance sheet

    • Insurance
      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      DigiTrust: ICEA Lion Group bets on technology in the rewarding money market field

      ICEA Lion Life appoints a new CEO

      ICEA Lion Life appoints a new CEO

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Exposed: Insurance Company on The Spot for Fruatrating clients

      Octagon feted in 2020 World Pension Summit Innovation Awards

      Octagon feted in 2020 World Pension Summit Innovation Awards

      What do you need to know before purchasing car insurance?

      What do you need to know before purchasing car insurance?

      National Bank of Kenya Bags Global Recognition

      National Bank of Kenya Bags Global Recognition

      DIB Awarded Best Islamic Bank in Kenya

      DIB Awarded Best Islamic Bank in Kenya

      Insurance: IRA Foils Over Ksh300 Million Fraudulent Claims

      20 out of 56 licensed insurers in Kenya fail capital test

      Tom Gitogo offloads his shares in CIC Insurance

      Tom Gitogo offloads his shares in CIC Insurance

    • Manufacturing
    • Opinion
      KRA Goes After Rich Individuals, Firms Over Sh250 Billion

      Digital Services Tax a desperate move caused by bad governance

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      OPINION: Managing the end-of-life of products to accelerate a circular economy in Kenya

      Why Digital Services Tax is a retrogressive policy

      Why Digital Services Tax is a retrogressive policy

      How Citizen TV Became The Most Watched in Kenya

      How Citizen TV Became The Most Watched in Kenya

      This is the new Safaricom logo

      Fail or win? Mixed Reactions over Safaricom’s new logo

      After fuliza, Safaricom introduces another way to borrow money

      OPINION: Why Safaricom’s Fuliza is a rip off!

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      OPINION: Conserve Nature Even as you Work to Achieve SDGs

      Crisis as young Kenyans now embrace Crime as lifestyle

      Crisis as young Kenyans now embrace Crime as lifestyle

      Employment Exit Strategy: The smart way to leave job for entrepreneurship.

      Employment Exit Strategy: The smart way to leave job for entrepreneurship.

No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home African

New details emerge of the underhand dealings by Sportpesa

by Neymar
November 2, 2020
in African, Featured, KBF, Markets, News
0
205
SHARES
2.6k
VIEWS
Share on FacebookShare on TwitterShare On Whatsapp
Loading...

War of words over the control of SPORTPESA brand is looming large at Nairobi – based betting and gaming company as fresh details emerge of an existing rift and eminent fallout among its shareholders.

In a statement in possession of Kenyan Business Feed, Billionaire Paul Wanderi Ndung’u – one of the shareholders at the betting company has come out denying any knowledge of the impeding resumption of Sportpesa business in Kenya – just days after Betting Control and Licensing Board (BCLB) – the industry regulator suspended the license of Milestone Gaming Ltd, which was to operate the SportPesa brand.

“Due to my association with Sportpesa, I have received numerous calls from local and international media seeking my comments on these developments. I wish to state that just like the rest of the Kenyan public, I came to learn of the resumption of Sportpesa business through the social media at 9 p.m. on Friday,” he said.

Further adding, “That the company Milestone Games Limited, its shareholding ownership whether through proxies, trustees or otherwise is unknown to me. The shareholders of Pevans East Africa Limited who are the owners of the Sportpesa Brand intellectual properties, its short codes, and assorted Mpesa paybill numbers at both Safaricom and Airtel have never been informed of any impeding resumption of Sportpesa business in Kenya as stated in the press release by Sportpesa chief executive officer Ronald Karauri,” said Mr. Ndung’u – the former Chairman and director at Sportpesa, who has repeatedly claimed to be the legitimate owner of Sportpesa brand.

The current Sportpesa chief executive Ronald Karauri through his social media platforms announced on Friday that the gaming company had been allowed to recommence Kenyan operations through Milestone – about which little is yet known – saying the new operator had gained the rights to use the brand locally.

“SportPesa is back. I am happy to announce that the SportPesa brand is back under a new Betting Control and Licensing Board (BCLB) license holder. As market leaders, SportPesa will focus on upholding the highest standards of service and responsible gaming. We look forward to working closely with BCLB and all other stakeholders,” said Karauri – a former pilot with Kenya Airways (KQ) who quit the airline in 2014 to help build the Sportpesa brand.

But that bliss would only last few hours before BCLB Chairman Cyrus Maina said Milestone had violated regulatory protocols as it lacked the rights and regulatory nod to utilize the various domains, paybills and short codes previously used by SportPesa – arguing that the trade name SportPesa belonged to Pevans East Africa Ltd hence Milestone could not use it to trade.

“According to information in our possession, the trade name ‘SportPesa’ belongs to M/s Pevans East Africa Ltd. The said company has filed an appeal in the Court of Appeal in Nairobi no. 471 of 2019. The matter before the Court of Appeal contests the issuance of the gaming license to Pevans East Africa trading as SportPesa,” Maina wrote to Milestone on Friday.

Pevans East Africa Limited ceased business in July 2019 following revocation of its license by BCLB arising from a huge tax arrears dispute with Kenya Revenue Authority (KRA).

As of June 2019, Pevans had 53 per cent Kenyan shareholding. The company according to business tycoon Ndung’u who surrendered the chairmanship in December last year, has since 2017 been beset with problems after the executive directors, who are also shareholders, resorted to running the company without reference to the board.

This he says, is after the non-Kenyan shareholders and Executive Directors allied themselves with the CEO thus frustrating efforts to hold board meetings despite persistent requests in writing from the three local Kenyan Non-Executive Directors.

However, during the first quarter of 2019, Ndung’u claims a board meeting was held at which one of the directors Mrs. Asenath Maina as per the Articles of Association demanded a forensic audit of the books of the company since 2015 to date starting with management reports – which he says has never been obtained to date.

Loading...

“Within this period he says, the company received very negative coverage from mainstream UK newspapers The Guardian, The Mirror and Financial Times and even a documentary on the BBC. In addition, there were sensational issues raised in British Parliament about Sportpesa,” he said.

Billionaire and former Sportpesa Chaiman Paul Wanderi Ndung’u

After the revocation of the company’s license and subsequent deportation of the executive directors, Ndung’u claimed today that efforts to have a forensic audit have continued to be frustrated.

He says after persistent push the management report indicated that within three years Pevans East Africa Ltd (Sportpesa) has transferred over US$250,000,000 to various offshore accounts in Isle of Man, Dubai and Las Palmas/Canary Islands and the UK. Again, numerous email requests from the Non-Executive Directors seeking evidence of Board approvals, contracts and details of beneficiaries went unanswered over the years.

The intended forensic Audit, he says is supposed to indicate and reveal the actual amounts and the ultimate beneficiaries including any backdating of contracts or falsification of board minutes.

According to Mr. Ndungu’ who owns an impressive 17 per cent in the company says that shareholders have also come to learn that subsequent to ceasing operations, US$500,000 has been transferred from Pevans to Sportpesa South Africa while within the two years $17,500,000 has been transferred to Sportpesa Tanzania.

“We will request the relevant Authorities CBK, KRA, BLCB and Financial Reporting Centre to also assist in establishing where the funds were ultimately destined. As a result of these suspicious transactions, the corporate governance problems and the handling of a tax dispute with KRA, PriwaterhouseCoopers resigned as the auditor of the Kenyan business,” he says.

In the UK, banks requested Pevans’ sister company Sportpesa Global Holdings to close its accounts while KPMG and Deloitte & Touche resigned as auditors and tax advisers respectively.

Officers from UK’s Serious Fraud Office (SFO) also visited Sportpesa Nairobi office –the source of the funds

From Friday’s press release by BCLB, he says that he together with other shareholders also came to learn the claim that the Sportpesa brand is owned by Sportpesa Global Holdings Limited – SGHL which is contrary to the fact that Sportpesa brand started trading long before SGHL formation.

SPHL is the holding company that owns the trading licenses and businesses of Sportpesa Tanzania, Sportpesa UK, Sportpesa Italy and Sportpesa Russia. SPHL ownership was a mirror of Pevans EA Limited.

“Within this year the foreign shareholders have fraudulently transferred the shareholding to themselves along with their associates and the matter will be handled by UK Authorities,” he said on Monday morning.

Sportpesa was founded in February 2014 and was owned and operated by Pevans East Africa, a company with shareholders from mostly Kenya, Bulgaria, and the United States. Sportpesa in Italy is jointly owned with RCS Media, the largest media company in Italy.

Besides Ronald Karauri, the other shareholders of SportPesa include Bulgarian Guerassim Nikolov, Gene Grand and Wacera Maina of the ‘Shinda Smart Sh90 million in 90 days’ betting craze who all hold 21 per cent shareholding each, serial investor Paul Wanderi Ndung’u, the first Kenyan to acquire a forex trading license via Taipan Forex Bureau has 17 per cent stake.

The other investors are Cellini Holdings with five per cent, Valentina Nikolaeva and Robert Kenneth Wanyoike Macharia each with three percent while Ivan Kalpakchiev and Francis Waweru Kiarie own two and one per cent each respectively.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

Comments

comments

Loading...
Tags: Sportpesa
Loading...

Popular News

  • Cellulant CEO Ken Njoroge to step down in 2021

    152 shares
    Share 61 Tweet 38
  • Miguna Plans To Return In January 2020

    225 shares
    Share 125 Tweet 42
  • Shocking: Man arrested with a snake

    226 shares
    Share 125 Tweet 42
  • Netizens React After UK Says Coronavirus Vaccine Will Be Tested In Kenya

    429 shares
    Share 278 Tweet 63
  • KCB Bank Twitter Admin Commits A Grave Error

    303 shares
    Share 130 Tweet 72
  • Trending
  • Comments
  • Latest
After fuliza, Safaricom introduces another way to borrow money

After fuliza, Safaricom introduces another way to borrow money

August 25, 2020
Deputy President William Ruto Acquires Radio Africa Group

Deputy President William Ruto Acquires Radio Africa Group

May 8, 2020

Tuskys ‘sends’ all staff home

July 4, 2020
The death of Tuskys Supermarket in pictures

The death of Tuskys Supermarket in pictures

July 19, 2020

Tech Firm Fights For Slice Of Local Payments Market

0
Former MP and Husband involved in Ksh49m graft case

Former MP and Husband involved in Ksh49m graft case

0

Millers set for second maize prices talks

0

Kenya exports under Agoa deal grow 25pc

0
Former MP and Husband involved in Ksh49m graft case

Former MP and Husband involved in Ksh49m graft case

January 22, 2021
Reprieve for counties as treasury release Ksh. 25billion

Reprieve for counties as treasury release Ksh. 25billion

January 22, 2021
Faulu bank partners with 20 counties to support learning in schools

Faulu bank partners with 20 counties to support learning in schools

January 22, 2021
KenGen Plans Direct Selling Of Electricity

COVID-19: KenGen’s 5-point return-to-work strategy

January 22, 2021


© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • News
  • Markets
  • Real Estate
  • Tech
  • World Business
  • KBF
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion