PayWay in mega financial fraud

By our reporter

A mega scandal has hit financial  solution tech company, Payway.

Electronic Payment service Pay Way whose trading company name is Africa trading system is in a huge mess following loss of over sh1.4 billion from its system.

The missing money has thrown confusion among directors of the company who accuse each other of financial improprieties.

But the biggest concern is how such amount of money can disappear without tracking the culprits.

It should be remembered that mobile money had similar challenges but MTN woke up too late to arrest the situation. Billions had vanished and the trial of culprits was successful either as they had long left the company and their case seemed like a witch-hunt.

Technology companies are making money difficult to follow by the regulators giving their owners and staff a leeway to carry out improprieties. Some companies have been accused of funding unlawful activities using such monies.

Pay Way is one of the fastest growing e-pay mechanism in the country and the company makes close to half a billion shillings daily.

When the sh1.4 billion went missing from the system, the then managing director was relieved of his job and was replaced by his Russian countryman whose name we leave out for now.

The ascendance of xxx didn’t go down with all workers at the company save for his trusted lieutenants the chief accountant and the corporation secretary whose names we also leave out for now.

It has emerged that staff loyal to the former boss are being purged and forced to resign to give the new CEO an uninterrupted start. However there are several concerns over the new CEOs lifestyle which is said could further distress the firm.

“The new CEO loves and lives in opulence, he loves alcohol and women,” the source said prophesizing what will hurt Pay Way.

Inside sources revealed to this website that the former boss left after accusing his colleagues of forging his signature and forcing his resignation..