Sportpesa News - KRA brands Sportpesa as king of tax avoidance and cooking financial books

 

Inside Pevans East Africa Limited, Ronald Karauri photo

 

Inside Pevans East Africa Limited, KRA insiders who have been studying Sportpesa financial transactions for over a year reveal the company was the king of tax avoidance and cooking the books.


The initial KRA demand for Sh15 billion, which led to the freezing of its licence in Kenya was just a shadow of what KRA now wants Pevans to pay after the study.



SportPesa was initially set up in Kenya by Bulgarian operators in 2014.



The company got the support from former Nairobi Mayor Dick Wathika, businessman Ronald Karauri and billionaire Mr Paul Ndung’u, who provided initial capital.



As tax problems continue to hit the gaming firm, directors are disintegrating.

 

" There is a fallout at the firm. The directors have disagreed on who to pay the tax, " says an insider.



The bitter shareholder fallout fueled over allegations of transfer of $278 million (Sh29.1 billion) from the firm coffers to overseas accounts and sale of shares in the Sportpesa holding company.

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