Nigerian startup Korapay is back up and running after the Directorate of Criminal Investigations (DCI) in conjunction with Kenya’s Asset Recovery Agency withdrew the Ksh 30M case.
The agency in new court documents filed at the High Court of Kenya at Nairobi Anti-Corruption and Economic Crimes Division said that it had withdrawn its suit in its entirety.
The document was drawn and filed on the 19th of October 2022 and signed by state counsel Stephen Githinji on behalf of Kenya’s Asset Recovery Agency director.
Another document was issued by the Kenyan Directorate of Criminal Investigation (DCI) clearing Kora of any wrongdoing in the ARA application.
“Take notice that the applicant herein has withdrawn its application dated July 8, 2022, in its entirety with no orders as to cost,” part of the notice read.
“I would like to confirm that allegations of money laundering and card fraud against Kora were not established. Please treat this communication as final,” DCI stated.
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In July 2022, ARA filed two separate suits, leading to the freezing of Kora’s account alongside those of Kandon Technologies Limited, another Nigerian fintech company, by the Kenyan High Court.
Kora’s Chief Operations Officer, Gideon Orovwiroro commended the DCI for being professional in their investigation.
“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,” he stated.
“We are delighted to get back to building the most robust payment product on the African continent. This will empower merchants to have bank accounts in GBP, EUR, USD and other in-demand currencies. Kora is excited about this development as it is further proof of its commitment to enrich the quality of merchants’ payments and build more meaningful financial products,” he added.