A London judge has ordered Kenyan businessman Paul Wanderi Ndung’u to pay approximately Sh374 million ($2.9 million) in interim legal costs after he failed to convince the court to unwind a years-long dilution of his stake in SportPesa Global Holdings (SGHL).
The ruling is the latest development in a bitter boardroom dispute between Ndung’u and former partners who helped build the SportPesa brand into one of East Africa’s most recognized betting names.
Ndung’u’s shareholding in SGHL fell from 17% to about 0.85% between 2019 and 2022 after three rights issues totaling £1.9 million.
He alleged that the fundraising was engineered to edge out Kenyan shareholders and that company minutes and communications were manipulated to lock him out.
However, the court did not accept his core allegation of a deliberate scheme, finding that breaches of UK company law rules were inadvertent rather than part of a conspiracy to strip Ndung’u of his stake.
The costs order requires Ndung’u to pay £548,000 to the company and £1.6 million to several co-owners and directors by a specified deadline, with interest applying if payments are missed.
The dispute has also led to parallel battles in Kenya, including disputes over control and use of the SportPesa brand and related assets.
