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.