A London court has dismissed a lawsuit filed by SportPesa shareholder and former chairman Paul Wanderi Ndung’u, ruling that his claims of fraud, forgery, conspiracy, and illegal dilution of his shares in SportPesa Global Holdings Limited (SPGHL) were entirely unsupported by evidence.
Ndung’u had accused several SPGHL directors and shareholders—including Guerassim Nikolov, Gene Grand, Kalilina Lyubomirova, and Asenath Wachera, widow of the late co-founder Dick Wathika—of orchestrating a scheme that shrank his stake in the company from 17 per cent to 0.8 per cent between 2019 and 2022.
He alleged that his signature was forged and that decisions taken during that period unfairly prejudiced him financially.
But in a comprehensive 190-page judgment delivered on 18 November 2025, Justice Edwin Johnson rejected each allegation, concluding that Ndung’u failed to prove any wrongdoing.
No Evidence of Fraud or Conspiracy
Justice Johnson ruled that:
- No forgery took place, contrary to Ndung’u’s claims.
- There was no evidence that SPGHL directors conspired to dilute his shares unlawfully.
- Share allotments were carried out for legitimate financial reasons during a difficult period for the business.
- The company’s management did not act oppressively or unfairly.
- Ndung’u had not demonstrated a loss of trust in the company’s leadership sufficient to justify legal redress.
The judge found that Ndung’u “had simply not shown” that the affairs of the company were conducted in a manner detrimental to him as a shareholder.
Financial Strain Drove Share Dilution
The court heard that SportPesa’s global operations were strained amid protracted tax disputes facing its Kenyan subsidiary, Pevans East Africa, which destabilised the company’s revenue streams.
To sustain operations, the UK holding company was compelled to inject capital—resulting in new share allotments that diluted existing stakes, including Ndung’u’s.
Justice Johnson ruled that these decisions were both lawful and necessary to keep the business solvent, noting that there was no evidence that Ndung’u had been deliberately excluded from key decisions.
Compensation Bid Rejected
Ndung’u also sought compensation for what he said was the loss of value in his investment. However, the court found that due to SportPesa’s financial difficulties at the time, his shares had no demonstrable value, rendering the claim for damages untenable.
Even if wrongdoing had been established, the judge said, Ndung’u had not proved any quantifiable financial loss.
SportPesa Welcomes Ruling
SportPesa’s leadership welcomed the judgment, saying it vindicated the company and its directors.
“We are delighted with this decision. The UK High Court found that the allegations made against us had no substance. We always knew that we acted legally and properly at all times, and this judgment confirms that,” the directors said in a statement.
They added that they were now focused on “future growth and expansion” following the dismissal of Ndung’u’s case.
The decision effectively brings Ndung’u’s legal battle against the betting firm to an end.
