SPS Sportsoft Limited: The United Kingdom is set to seize assets worth Sh. 2 billion owned by a firm that is related to troubled local betting firm, SportPesa. According to a report that appeared in a local daily, the assets that are up for seizure belong to Liverpool-based SPS Sportsoft Limited, a gambling software and support services firm which has the same shareholders as SportPesa.
This company’s biggest client is Pevans East Africa which owns SportPesa, and which has been rocked in internal wrangles over transfer of shares and billions of money.
“The Registrar of Companies gives notice that, unless cause is shown to the contrary, the company will be struck off the register and dissolved not less than two months from the date shown above. Upon the company’s dissolution, all property and rights vested in, or held in trust for, the company are deemed to be bona vacantia, and will belong to the Crown,” SPS had said a notice dated September 14, 2021.
According to the Business Daily, Pevans East Africa has been its biggest paying client. “Pevans paid the Liverpool-based multinational £20.6 million (Sh. 3.1 billion) in the nine months ended December 2018, accounting for 96 percent of the total revenue of £21.6 million (Sh. 3.2 billion) in the period,” a report in the daily said, adding that SPS clients include SPGHL’s subsidiaries trading under the SportPesa brand in Tanzania and South Africa.
“SPS ended the period with total assets of £13.2 million (Sh. 2 billion) that will be surrendered to the UK government, which says it does not inherit liabilities of dissolved firms.”
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The report further added that SPS was required to publish its 2019 accounts by December last year. However, this did not happen and will now be liquidated without releasing its updated financial statements.
“Property, cash and any other assets owned by a company when it is dissolved automatically pass to the Crown. This is because the law says this happens. Liabilities of a company do not pass to the Crown on dissolution: they are normally extinguished,” the UK government says on the bona vacantia process.