To ordinary Kenyans, Ricardo Badoer is a flamboyant businessman who owns Kenyan Premier League side Wazito FC, but according to a confidential information in Kahawa Tungu’s possession, the cigar smoking, tough talking man could be engaged in illegal activities in Kenya.
According to anonymous source, the Dubai-based businessman has managed to defraud investors to the tune of up to Ksh16 billion through his crypto-currency, Aidos Kuneen.
Aidos Kuneen is the headline sponsor of Wazito FC and has their logo displayed on their jersey.
“Most of the investors are Japanese. He has withheld their assets and blocks anyone on twitter or Aidos Market Telegram who asks about their money,” said the source.
Read: Ricardo Badoer: Wazito Spicing Up Kenyan Football
Aidos Market is a platform Ricardo owns which is used for crypto-currency exchange. “It’s like a bank that intermediates savings.”
“In this case, it is like a bank denying customer withdrawals for fear of client panic withdrawals similar to what happened to Chase bank or almost with Family Bank some time back.
“The frustrated investors are on the processing of trying to contact Central Bank of Kenya and Sumac Microfinance Bank where he holds shareholding to raise alarm and possibly get him sanctioned.”
Ricardo is reportedly battling many court cases currently including one involving the ownership of Wazito FC, which he shortchanged the original owners, according to our source.
Read Also: Wazito FC Boss Ricardo Badoer Forced To Swallow His Venom After Rehiring Coach Frank Ouna
“Among his key fraudulent acquisitions is that of Wazito FC itself. He claims to own it but he fraudulently acquired the club and the matter is currently in court where he defrauded the previous owners of the club.
“He attempted to strike out the case on cost of suit grounds as evidenced by Civil Case No. E081 of 2020. He has many other litigations in court over defamation due to his unbecoming language that he uses on those who disagrees with him and due to unfair treatment of employees.”
In a tweet last year, Ricardo quoted a tweet by Trade Kenya about Shona Export Processing Zone, EPZ, and called one Isaac Maluki a “thief.”
“Let me make it clear. I invested in Shona EPZ and own 30%. Isaac Maluki is a thief and I have my lawyers taking care of the matter. Only reason I am saying this is because I fear Isaac Maluki is putting on a show to steal government money that could be used for helping people.”
Read Also: Is the Wazito FC Fairytale Coming To An End?
In April this year, Wazito FC was handed a three-window transfer ban by Fifa, the world football body, after the club failed to comply with an order to pay two former players for wrongful dismissal.
Recently, Kahawa Tungu Sports Desk revealed the lean financial times Wazito FC is currently undergoing due to dwindling fortunes of Ricardo.
“His known investments are just avenues to prop up his cryptocurrency. As you maybe aware, cryptocurrency unlike hard currency for example the USD or price of Gold is not pegged on any underlying or support fundamentals. As such he (Ricardo) finds himself in financial distress and has been unable to meet financial obligations like payment of Wazito FC players salaries and operational expenses.”
“Anybody in the organization who raises genuine concerns is threatened by a former General Service Unit, GSU police officer by name Paul Kaikai (commonly referred to as “Chief) and thus Ricardo continues to operate in Kenya with impunity through his assistance.”
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