ADVERTISEMENT

Kandon Technologies dismisses reports of alleged money laundering in Kenya

#FeatureByKandon

Kandon Technologies Limited

The Management and Board of Directors of Kandon Technologies Limited have issued a statement following media reports accusing the company of being a conduit for international money laundering in Kenya.

ADVERTISEMENT

The reports came on the back of a court ruling that ordered freezing the company's account with United Bank for Africa (UBA) following an ex-parte application from the Asset Recovery Agency (ARA) of Kenya.

Kandon stated that the ARA application was made on an unsubstantiated suspicion of laundering money in the country.

"The allegations in the media are entirely false, and we are doing everything by the law to prove that.

"Setting the record straight, Kandon Technologies is a liquidity management startup offering treasury solutions, alternative trading, and related financial services. Kandon addresses the numerous challenges businesses face with accessing easy financial services. We have facilitated transactions for a host of our partners doing legitimate businesses, and we have records of these transactions, which are available and can be verified," the statement read.

The company went on to state: "Kandon Technologies has been cooperating with the ARA and other relevant stakeholders for several months to resolve this. We have also started working directly with the banks who have carried out KYC on us and are aware of the nature of our transactions and beneficiaries.

"As a company, we have always adhered with applicable regulatory requirements in our transactions and engaged with regulatory bodies to stay compliant. We pledge to continue working with regulatory bodies and all relevant stakeholders to prove our innocence and straighten the records."

#FeatureByKandon

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Nigeria signs a $741 oil deal with a South Korean engineering firm

Nigeria signs a $741 oil deal with a South Korean engineering firm

First-ever media sustainability conference to take place in Kenya

First-ever media sustainability conference to take place in Kenya

Top 10 universities in Africa based on levels of education, employability, faculty, and research

Top 10 universities in Africa based on levels of education, employability, faculty, and research

The future of gaming in Kenya: How Bitcoin is revolutionizing the industry & the economy

The future of gaming in Kenya: How Bitcoin is revolutionizing the industry & the economy

Here's what young wealthy Kenyans are doing to secure their investments amid uncertainty in the global economy

Here's what young wealthy Kenyans are doing to secure their investments amid uncertainty in the global economy

Nigeria’s Dangote Industries partners with the Chinese firm, Sinoma, to boost production capacity

Nigeria’s Dangote Industries partners with the Chinese firm, Sinoma, to boost production capacity

Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

Zanzibar’s president is looking to make horticulture a significant part of his country’s economy

Inside gov't plan to create new bank called KeGIB

Inside gov't plan to create new bank called KeGIB

African startups are taking over: MNT-Halan raises a whopping $400 million in funding round

African startups are taking over: MNT-Halan raises a whopping $400 million in funding round

ADVERTISEMENT