The future of Kenya's sports betting giant SportPesa is up in the air after major UK partners terminate partnership
Kenya betting titan, SportPesa, has faced yet another setback after two key companies to the brands' operation cut ties, further raising more uncertainty for the future of the brand.
Among these companies include SportPesa’s registered agent Equiom, known to have provided corporate services such as overlooking compnay records in Isle of Man since 2015. Another company is the London firm Ince GD Corporate Services that has been the brand’s UK company secretary since 2017" reported by Finance Uncovered.
Both companies have filed resignation notices at their respective company registers in the Isle of Man and the UK. However, neither the SportPesa brand nor both companies have issued any statement or explanation. Nonetheless, Equiom’s resignation could be detrimental to the future of SportPesa’s in the Isle of Man, which requires firms incorporated on the island to always have a registered agent.
Equiom’s operations from the Isle of Man enabled SportPesa to provide their services to the international market while also benefitting from maintaining their financial information private and a 0% tax rate.
The development of the severed ties added to the many troubles the SportPesa group has faced including the tax disputes with the Kenyan authorities and the reports made by the media on the brand’s internal operations. However, the company faces a “critical moment” following the hearing they had on 25 January with a judge in favour of preventing the country’s regulatory body from cancelling SportPesa's betting license.
SportPesa has experienced a host of tribulations in the past few months, from foreign workers being detained and deported by Kenyan authorities, to having to force their operation to shut down, one asks has SportPesa's afflictions scared away investors?
Source: Finance Uncovered
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