A High Court in London dismissed a case filed by billionaire Paul Wanderi Ndung’u against SportPesa Global Holdings Limited (SPGHL) In a detailed ruling, Justice Edwin Johnson explained why claims by the Kenyan businessman could not be substantiatedSportPesa CEO Ronald Karauri stated that the ruling affirms the company’s commitment to compliance both globally and in KenyaAmos Khaemba, a journalist at TUKO.co.ke, brings over three years of experience covering politics and current affairs in Kenya.
Nairobi – Billionaire Paul Wanderi Ndung’u has suffered a major setback in a shareholding battle with gaming firm SportPesa.
SportPesa welcomed the ruling by a London court on the case filed by businessman Paul Ndung’u (right). Photo: SportPesa.
Source: UGCA high court in London has thrown out fraud and conspiracy allegations brought by Ndung’u, a founding shareholder and former chairman of SportPesa.
The ruling, which found no substance to a legal claim filed by the former director against the company, its subsidiaries, and its leadership, is a major win for the popular gaming company.
SportPesa ownership dispute caseNdung’u had filed a case against SportPesa Global Holdings Limited (SPGHL) and several directors and shareholders, claiming they diluted his shares in the betting firm fraudulently.
However, in a 190-page judgment, Justice Edwin Johnson dismissed all claims raised by Ndung’u against the defendants.
In dismissing Ndungu’s claims, the judge found, amongst other things, that there had been no scheme to dilute Ndungu’s shares and that the businessman had not established any conduct that had caused him to suffer prejudice in his capacity as a member of SPG.
“In the absence of any evidence to the contrary, and given my findings in relation to Ground 10, I find that the second defendant and the third defendant each acted in good faith in setting the price for the new shares and in the way which they considered, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole,” Justice Johnson ruled.How did SportPesa react to ownership dispute case?Responding to the UK high court decision ruling in favour of SportPesa, Ivaylo Bozoukov, co-founder and company director at SportPesa, said:
“SportPesa is delighted with today’s decision. The UK high court found that the allegations made against us had no substance. We always knew that we acted legally and properly at all times and this week’s judgment confirms that.“In a 190-page judgment, the UK high court found no evidence of the allegations made against SportPesa. We are looking forward to putting this behind us and focusing on our future growth and expansion.”Ronald Karauri, CEO of SportPesa Kenya, added,
“SportPesa has long held a commitment to compliance both globally and in Kenya. Having been recognised by the Kenya Revenue Authority as a top taxpayer for three years in a row, the judgment reinforces that we have always acted in line with market regulations at all times.”SportPesa CEO Ronald Karauri said the firm always follows the law. Photo: Ronald Karauri.
Source: FacebookWas Paul Ndung’u auctioned? In February 2023, TUKO.co.ke reported that auctioneers were after Ndung’u’s properties in Gigiri Estate and Laikipia.
A prime home property, a commercial farm, and land parcels totalling more than 600 acres were among the properties.
Garam Investments Auctioneers revealed that they were acting on the order given by Wander’s advocates.
Proofreading by Asher Omondi, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
