A former employee of ‘MarketForce Technologies Inc’ who wishes to remain anonymous has come forward with accounts of widespread fraud and misconduct within the company.
Our news desk has obtained exclusive information from the whistleblower, who has revealed a series of deceptive practices that contributed to the downfall of the once-promising startup.
Established five years ago by founders Tesh Mbaabu and Mesongo Sibuti, the company initially operated across multiple African countries, boasting a presence in Kenya, Nigeria, Uganda, Tanzania, Rwanda, and had expansive plans for Ethiopia and Ghana through a strategic partnership with Cellulant.
But according to the whistleblower, MarketForce engaged in a scheme to deceive investors, employees and the public by fabricating a $40 million funding round.
The company allegedly paid leading press outlets to publish false reports about the funding without any verification of the funds existence.
These fraudulent activities reportedly began after MarketForce attracted initial investment from Y Combinator, an American accelerator company.
Instead of using the funds for legitimate business purposes, the founders Tesh Mbaabu and Mesongo Sibuti are accused of pocketing a significant portion of the investment for personal gain.
As MarketForce purportedly scaled its operations, the whistleblower claims that mismanagement and extravagant spending became rampant within the company.
Luxurious purchases, including multiple high-end vehicles for the founders, were allegedly made while employees were left unpaid for months on end.
It is also is alleged that MarketForce attempted to deceive employees by offering them worthless shares in lieu of their overdue salaries.
The whistleblower maintains that the collapse of MarketForce was not due to market forces, as claimed by the founders, but rather a result of greed and negligence on their part.
These revelations come at a precarious time for MarketForce, as it faces the threat of liquidation in a debt dispute with Kenyan fintech firm Pezesha Africa Limited.
The insolvency petition, registered as E058 of 2023 in the High Court of Kenya at Nairobi Milimani Commercial and Tax Division, invokes the provisions of the Insolvency Act, 2015.
Court documents reveal that Pezesha Africa Limited, headquartered in Nairobi, is seeking a liquidation order against Marketforce Technologies Limited.
The petition alleges that Marketforce Technologies Limited owes a substantial amount to Pezesha Africa Limited, prompting the latter to pursue legal action to recover the outstanding debt.
According to the court documents, the petition was filed on September 25, 2023, with a next court date of March 11, 2024.
The court notice also invites any other creditor or contributory of Marketforce Technologies Limited to appear at the scheduled hearing if they wish to support or oppose the liquidation order.
We will continue to investigate this developing story and bring you the latest updates.
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