High Court freezes Wazito FC assets

by Wakili Liam
Ricardo Badoer | Twitter Profile

The High Court has frozen the assets of struggling money laundering, Wazito FC.

“UPON READING the application dated 14th January 2021 and presented to court by counsel for the Applicant under Order 51 of the Civil Procedure Rules 2010 and all other enabling provisions of the law AND UPON READING the supporting affidavit of Solomon Alubala sworn on 14th January 2022 together with annexures thereto AND UPON HEARING counsel for the Applicants and in the absence of counsel for the Respondent. IT IS HEREBY ORDERED (1) THAT a marreva injunction does issue to restrain the Defendant, or by their servants or agents or otherwise howsoever from selling, transferring, or in any manner dealing with any shares, equity, property and or bank accounts he holds at Badoer Investments, Sumac Microfinance Limited, Nextgen Mall Commercial Unit No. 14, Mercedes Benz, Bus Registration No. KCR 158Q, Toyota Land Cruiser Registration No. KCU 031F, and Volkwagen Touring No KCT 909Q from the jurisdiction of this Court and freeze any or all of such accounts held by the Defendant either wholly or as per centum of the total (2) THAT costs of this application to abide the outcome of suit. GIVEN under my Hand and the Seal of. the Court this 18th day of February 2022,” Justice J.K. Sergon ordered.

Solomon Alubala

In 2019, the sporting outfit fired their director Solomon Alubala.

The news that was broken by the owner of the team, Mr Ricardo Badoer, through a tweet, shocked many fans.

“As of today, Solomon Alubala will step down as Sporting Director and Treasurer for Wazito FC,” Badoer tweeted.

He concluded, “All business negotiations will be handled by me and Wazito CEO Mr Dennis Gicheru. This is all part of our future plans and my vision of how a football team should run.”

Mahakamani News learns that Solomon Alubala was not compensated as per the Kenyan Employment Act 2017; he sued.

Wazito FC Owner Ricardo Badoer | Standard Group

Other wrangles

There are wrangles over ownership that has been ongoing between some financiers of Wazito FC and Badoer.

Reports indicate that among his key fraudulent acquisitions is that of Wazito FC itself. He claims to own it but he fraudulently acquired the club and the matter is currently in court where he defrauded the previous owners of the club.

Mr Badoer has controversial ownership in some other Kenyan firms. The sources of his money are also questionable.

Aidos Market is a platform Ricardo owns which is used for crypto-currency exchange. “It’s like a bank that intermediates savings.”

“Most of the investors are Japanese. He has withheld their assets and blocks anyone on twitter or Aidos Market Telegram who asks about their money,” source claim.

“In this case, it is like a bank denying customer withdrawals for fear of client panic withdrawals similar to what happened to Chase bank or almost with Family Bank some time back.

“The frustrated investors are on the processing of trying to contact Central Bank of Kenya and Sumac Microfinance Bank where he holds shareholding to raise alarm and possibly get him sanctioned.”

Ricardo is reportedly battling many court cases currently including one involving the ownership of Wazito FC, which he shortchanged the original owners, according to multiple sources.

Mahakamani News is Kenya’s top court reporting and crime coverage website. If you have a case that needs coverage, or if you are facing injustice from powerful forces, fired unfairly or reporting any corruption or relevant news pertaining judiciary etc please contact us via cases@mahakamani.news



You may also like