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Kandon Technologies dismisses reports of alleged money laundering in Kenya

July 18th 2022, 5:58:43 pm

#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.

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.

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"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.

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"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."

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