Kenyan entrepreneur Paul Wanderi Ndung’u, has been removed from the boards of the international businesses of popular sports news technology and sports betting company; SportPesa.
The development according to reports, is a result of the recent rise of disagreements between shareholders and Paul Ndung’u.
SportPesa Global Holdings Limited (SPGHL) the establishment which owns SportPesa’s businesses outside of Kenya, filed a notice in the UK (United Kingdom) on the 7th of January 2021 that announced the removal of Paul Ndung’u as a Director.
Fully owned subsidiary of SportPesa Global Holdings Limited (SPGHL); SPS Sportsoft Limited which specializes in gaming technology, filed a similar notice as well on the 7th of January 2021 announcing the removal of Paul Ndung’u as a Director.
Both notices did not however, give reasons for his removal.
In 2017 Paul Ndung’u had a dispute with other shareholders with the issues first brewing within SportPesa’s local market where it formerly operated under Pevans East Africa.
Paul Ndung’u and Asenath Maina own a combined stake of 38 percent in Pevans and accused the Chief Executive Officer of the company; Ronald Karauri and its foreign investors of keeping them out of the company’s strategic and management decisions since 2017.
According to Paul Ndung’u and Asenath Maina Pevans has made uneven money transfers that run into billions of Kenyan Shillings. Said transfers according to them, were sent to offshore accounts.
Paul Ndung’u and Asenath Maina added that their ownership in SportPesa Global Holdings Limited (SPGHL), has also been fraudulently watered down.
In the recent available disclosures released on the 20th of January 2020 Paul Ndung’u for example, is listed as only owning a 2.83 percent stake in SportPesa Global Holdings Limited (SPGHL). This is significantly lower than the 17 percent stake he previously held.
In 2020 Ronald Karauri along with other directors of SportPesa Global Holdings Limited (SPGHL) and Pevans and transferred the trade name; SportPesa to Milestone Games Limited. Milestone Games Limited has since revived the household popular gaming company even in the middle of its struggles with Betting Control and Licensing Board (BCLB).
Following the transfer, Ronald Karauri now has a 54.4 percent stake in the company, and has been able to secure a number of court orders which suspended the cancellation of the betting firm’s operating license by the Betting Control and Licensing Board (BCLB).
Paul Wanderi Ndung’u said via a statement that, “My removal as a director now means that only Ivaylo Bozoukov and Kalina Karadzhova are the directors of SPGHL where they made a fraudulent and unprocedural transfer of SportPesa trade name.”
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