Flutterwave—Kenya froze $200+ million in accounts over money laundering allegations
In July 2022, a Kenyan High Court froze accounts holding $43 million after the Assets Recovery Agency alleged accounts 'were used as conduits for money laundering.' Total frozen funds exceeded $200 million. In June 2023, another freeze covered 45 bank accounts following a petition by 2,000+ investors claiming Flutterwave helped defraud them of $12 million. Kenya cleared the company in November 2023 and released $52.5 million.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.089 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.59)× agency (incidental ×0.1)
Evidence (1 signal)
Kenya froze $200+ million in accounts over money laundering allegations
In July 2022, a Kenyan High Court froze accounts holding $43 million after the Assets Recovery Agency alleged accounts 'were used as conduits for money laundering.' Total frozen funds exceeded $200 million. In June 2023, another freeze covered 45 bank accounts following a petition by 2,000+ investors claiming Flutterwave helped defraud them of $12 million. Kenya cleared the company in November 2023 and released $52.5 million.