Paul Ndung’u, the Kenyan entrepreneur embroiled in a major corporate dispute, has accused parties linked to SportPesa of wedging a media war to undermine his appeal in the UK Court of Appeal. Ndung’u seeks to reclaim shares he claims were fraudulently diluted by Bulgarian directors connected to organized crime.
In a 17-page letter to the Managing Editor of Nation Media Group dated January 31, 2026, Ndung’u specifically names Business Daily columnist Jaindi Kisero as part of a coordinated, sponsor-driven attack on his reputation, coinciding with critical stages of his legal proceedings in the UK.
Ndung’u meticulously dismantles Kisero’s claims, countering each paragraph with court orders, affidavits, and documentary evidence. The dispute revolves around shares in SportPesa Global Holdings Limited, a UK-registered company. As a founding director, Ndung’u initially held a 17% stake, which was reduced to 0.85% due to a 2019 rights issue.
In November 2025, UK High Court Judge Edward Johnson found that the company violated sections 561 and 562 of the UK Companies Act 2006, intended to protect shareholders from predatory dilution. However, despite these findings, Justice Johnson ruled against Ndung’u, stating he lacked the financial capacity to subscribe to the £170,000 needed to reacquire the shares. Ndung’u is now appealing this verdict, claiming that media attacks are designed to weaken his case.
Court records indicate that at the relevant time, Ndung’u had an overdraft of approximately £416,000, a personal account with £500,000, and a business account exceeding £833,000. By early 2023, he had spent over £300,000 pursuing the case and committed in writing to invest an additional £500,000. Furthermore, he is owed £2.4 million from funds invested in SportPesa Holdings Limited between 2016 and 2017.
Ndung’u also disputes Kisero’s portrayal of events concerning the SportPesa trademark. The columnist claimed that Justice A.K. Ndungu of the Nairobi High Court upheld Milestone Games’ right to use the trademark and dismissed fraud allegations. Ndung’u counters this by presenting court orders showing that Justice Ndungu had suspended Milestone Games’ trademark license and rejected a consent draft lacking full board approval. Five out of seven board members of the Betting Control and Licensing Board (BCLB) confirmed under affidavit that the board never authorized the license.
Ndung’u further alleges a broader pattern of misconduct within the corporate framework, including claims that Pevans East Africa Limited directors transferred assets and funds to Milestone Games Limited, violating High Court preservation orders. He asserts that Safaricom PLC facilitated these transfers despite court orders and failed to provide defenses when sued.
The criminal aspect of the situation implicates Bulgarian directors Guerassim Nikolov and Gene Grand, who were deported from Kenya in 2019. Nikolov has been linked to organized crime and credit card fraud, while Krasen Tenev, his former partner, remains on Interpol’s Red Notice list. Ndung’u claims these individuals still control the SportPesa brand through offshore entities.
Financial records, he asserts, reveal that billions of Kenyan shillings were siphoned offshore, including KES 1.4 billion transferred to companies owned by Nikolov’s sister in 2018. Additionally, Tech Pitch Limited paid Nikolov KES 196 million in director’s fees despite declaring a total wage bill of just KES 19.4 million.
Kenyan courts have repeatedly overturned fraudulent filings. In April 2025, the Court of Appeal reversed a February 2023 ruling after discovering a forgery, affirming that Ndung’u retained full rights to participate in derivative actions and that his constitutional rights had been violated. The judiciary has issued public warnings about the prevalence of forged court documents in SportPesa-related cases.
Ndung’u raises concerns about trademark issues, alleging that the SportPesa and Spesa brands were improperly transferred to a UK company without payment or board approval. Certificates were backdated, fees unpaid, and statutory approvals ignored. The Kenya Industrial Property Institute (KIPI) has confirmed receipt of his complaint.
In light of these allegations, Kisero’s column suggesting that the litigation is “effectively settled” is, according to Ndung’u, both premature and part of a campaign to discredit him. He has demanded a public apology and threatened legal action if Nation Media Group does not provide space for his response.
At the heart of Ndung’u’s case lies an essential question for corporate law: if courts document breaches of company law, falsified documents, and the systematic exclusion of a shareholder, all while denying remedies, what protections does the law truly offer?
For Ndung’u, the answer will await a decision from the UK Court of Appeal. For Kenya, the record already reveals a troubling narrative: billions diverted in defiance of court orders, unauthorized transfers, and manipulations of judicial outcomes. Ndung’u aims to dismantle this complex web of deceit.
