Investor pulls the plug on company owned by Ndichu brothers

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By Davis Muli | 1 month ago

 

Paul Ndichu and Eddie Ndichu, co-founders of Wapi Pay.

Keeple Africa Ventures on Tuesday relinquished all the rights of its investment stake in Wapi Pay, a company co-founded by Eddie and Paul Ndichu, following a video that appeared to show the two brothers in an altercation at a Nairobi hotel.

Through a statement, Kepple Africa Ventures stated that it does not condone such conduct.

“In light of the alleged assault on women by the founders of our portfolio company Wapi Pay, we Kepple Africa Ventures hereby announce that we have zero tolerance on such conduct and announce that we will relinquish all the rights of our investment stake in Wapi Pay,” Kanzaki tweeted.

In a statement released by the company in light of the allegations, the two brothers distanced themselves from the assault allegations claiming that the viral video does not accurately show what transpired.

“We are aware of a video and news story circulating on social media regarding an altercation with Eddie and Paul Ndichu, the company’s (Wapi Pay) co-founders on Saturday night. We found the story distasteful and troubling and want to firmly state that any type of behaviour involving violence against women does not reflect our values nor does it reflect those of Eddie and Paul,” the statement read in part.

According to the statement, Paul and Eddie were trying to neutralize a confrontation between two women.

“Our understanding is that the allegations and video currently being shared on social media, albeit horrific and regrettable, do not depict the true events that transpired that night. To be clear, Paul and Eddie got involved in an attempt to neutralize a confrontation between two women and defend themselves from certain aggressors,” the statement continued.

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