×
App Icon
The Standard e-Paper
Stay Informed, Even Offline
★★★★ - on Play Store
Download App

Start-up to lose Sh192m for failing to defend its case

The court had frozen the company's account at Guaranty Trust Bank in July last year. [iStockphoto]

A Nigerian start-up company is set to lose Sh192 million after failing to defend a case filed against them by the Asset Recovery Agency over allegations of money laundering.

Justice Esther Maina entered a default judgement against Rainbow Techemploy Africa Limited and allowed ARA to seize the money after the company failed to show up to prove their money was not proceeds of crime.

Get Full Access for Ksh299/Week.
Bold Reporting Takes Time, Courage and Investment. Stand With Us.
  • Unlimited access to all premium content
  • Uninterrupted ad-free browsing experience
  • Mobile-optimized reading experience
  • Weekly Newsletters
  • MPesa, Airtel Money and Cards accepted
Already a subscriber? Log in