The High Court of Justice in London has delivered a major setback to SportPesa shareholder and former chair Paul Wanderi Ndung’u, dismissing his allegations of fraud and conspiracy as entirely unsupported by evidence.
Mr. Ndung’u had launched legal proceedings against SportPesa Global Holdings Limited (SPGHL) and a group of its directors and shareholders, including Guerassim Nikolov, Gene Grand, Kalilina Lyubomirova, and Asenath Wachera, the widow of the late Dick Wathika.
He alleged they orchestrated a scheme to illegally dilute his shareholding from 17% to 0.8% between 2019 and 2022, accusing them of forgery, conspiracy, and oppressive conduct that was financially prejudicial to him.
However, in a detailed 190-page judgment for the case Ndung’u v SPG Limited – CR-2022-000135*, Mr Justice Edwin Johnson systematically rejected all of Ndung’u’s claims. The judge ruled that no forgery had occurred and found no evidence that directors conspired to illegally dilute the shares.
Justice Johnson determined that the share allotments were lawful, necessary, and undertaken for legitimate financial reasons to stabilise the company during a period of significant turbulence.
The court heard that the global SportPesa operations were facing challenges, including tax disputes involving its Kenyan arm, Pevans East Africa.
The judge found that the UK-based holding company had to inject capital to keep the enterprise afloat, and the resulting dilution of Ndung’u’s stake was a justified measure to protect the company’s viability.
The court also rejected the claim of oppressive management, finding no evidence that Ndung’u was deliberately excluded from key decisions or that the company’s affairs were conducted in a manner unfairly detrimental to him.
Furthermore, Justice Johnson dismissed Ndung’u’s claim for compensation. The judge ruled that, even if wrongdoing had been proven, Ndung’u had failed to demonstrate any measurable financial loss, as his shares had no provable value during the company’s financially challenged period.
The Directors of SportPesa welcomed the ruling, stating, “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. We are looking forward to putting this behind us and focusing on our future growth and expansion.”
The judgment, handed down on 18 November 2025, brings a conclusive end to Mr. Ndung’u’s legal challenge.
