A High Court in Kenya has requested that the Asset Recovery Agency (ARA) drop its final lawsuit against Flutterwave. The ARA is a commission known for seizing funds related to money laundering and fraudulent activities.
The decision follows the court's denial of the agency's plea to withdraw its second lawsuit against the leading Nigerian fintech in July 2023.
The legal battle started when allegations involving money laundering and suspected fraudulent activities were made against Flutterwave, which led to the freezing of over $3 million belonging to Flutterwave, Adguru Technology Limited, and Huspesi Solutions in August 2022.
It was also revealed that some side investigations were carried out, and it was discovered that there was no trace of fraudulent activities or any other illegal conduct by Flutterwave, prompting ARA to withdraw the lawsuit.
While delivering the judgement in Kenya, the judge accused the agency of filing a lawsuit without carrying out proper investigations.
He said,
- It was inappropriate, negligent, reckless, and absurd for an investigative agency to commence such serious proceedings without having completed investigations.
- After considering all the facts presented to this court, the withdrawal is hereby allowed, and this suit is marked as withdrawn.
Read more: https://www.investingport.com/flutt...nment-settled-as-judge-rules-in-their-favour/