Is Wazito Owner Ricardo Badoer Silently Exiting Kenya?

Wazito FC owner Ricardo Badoer could be preparing the ground for an exit from the Kenyan market if recent activities are anything to go by.

Ricardo has reportedly sold his shares at Sumac Microfinance Bank following a bitter fallout with the board which saw him kicked out as a director in 2020.

While dismissing the board’s move then, the Dubai-based businessman remained bullish, but recent developments including a crippling Central Bank of Kenya directive seems to have pushed him to the wall.

“I want to make it clear that I am still biggest share holder ( 16%) and Sumac Bank even if I was unfairly voted out from the Board.

“I have always been passionate about my role as Board member and want the best for Sumac and I am commited to make improvements to Sumac.”

I want to make it clear that I am still biggest share holder ( 16%) @SumacBank even if I was unfairly voted out from the Board . I have always been passionate about my role as Board member and want the best for Sumac and I am commited to make improvements to Sumac. #Iwillbeback

— Ricardo Badoer (@Donrico77) July 22, 2020

In a circular to all financial institutions, CBK warned against dealing with individuals engaged in virtual currencies because they are unregulated.

“The purpose of this circular therefore is to caution all financial institutions against dealing in virtual currencies or transacting with entities which are engaged in virtual currencies.”

Ricardo owns crypto-currency, Aidos Kuneen and trading platform Aidos Market.

According to a story Kahawa Tungu carried last year, the businessman had used his crypo platforms to defraud investors up to Ksh 16 billion.

Read: Wazito FC Owner Ricardo Badoer On The Spot For Engaging in Illegal Activities

“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.”

In another big blow, the court recently ordered Wazito FC assets and accounts be frozen in a row over the manner in which he acquired the club from its previous owners.

Ricardo had struggled to pay salaries and allowances of players and staff prior to the court order as his fortunes dwindled leading to talents drain.

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