In a 190-page judgment delivered on 18 November 2025 in the case Ndung’u v SPG Limited – CR-2022-000135, Mr Justice Edwin Johnson found no evidence that SPGHL or its directors had fraudulently reduced Ndung’u’s shareholding or engaged in forgery or oppressive conduct.

A London court has dismissed a high-profile lawsuit by SportPesa shareholder and former chair Paul Wanderi Ndung’u, ruling that his claims of fraud, conspiracy and unlawful dilution of his stake in SportPesa Global Holdings Limited (SPGHL) were unfounded.

In a 190-page judgment delivered on 18 November 2025 in the case Ndung’u v SPG Limited – CR-2022-000135, Mr Justice Edwin Johnson found no evidence that SPGHL or its directors had fraudulently reduced Ndung’u’s shareholding or engaged in forgery or oppressive conduct.

Ndung’u had alleged that SPGHL directors and shareholders – including Guerassim Nikolov, Gene Grand, Kalilina Lyubomirova and Asenath Wachera, widow of the late Dick Wathika – conspired to dilute his stake from 17 per cent to 0.8 per cent between 2019 and 2022. He claimed the share allotments were part of a scheme to push him out of the company and devalue his investment.

However, Justice Johnson held that Ndung’u failed to substantiate any of his accusations. The court found that the share allotments were lawful and undertaken to stabilise the company during a period of severe financial strain linked to tax disputes involving Pevans East Africa, SportPesa’s former Kenyan operating arm.

The judge rejected assertions of forgery, conspiracy and oppressive conduct, ruling that:

• there was no evidence of forged documents;
• there was no unlawful agreement by directors to dilute Ndung’u’s shareholding;
• the allotment of new shares was driven by legitimate financial needs, not an intention to prejudice him; and
• the company’s affairs were not conducted in a manner that was unfairly prejudicial to his interests.

Ndung’u also complained that he had not been properly notified of key decisions and that he had lost confidence in the company’s leadership. The court found no proof of deliberate exclusion by other directors and noted that his conduct did not support a genuine loss of confidence.

On his claim for compensation, the court accepted SPGHL’s argument that Ndung’u had not suffered measurable financial loss, as his shares had no demonstrable value at the time due to the company’s difficulties. Justice Johnson held that even if wrongdoing had been proven, there was no basis for an award of damages.

SportPesa welcomed the ruling, saying it fully vindicated the company and its leadership.

“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,” the directors said in a statement.

“In a 190-page judgment, the UK High Court found no evidence of the allegations made against SportPesa. We are looking forward to putting this behind us and focusing on our future growth and expansion.” Capital News