FTX Recovery Trust Seeks $50 Million From Africa-Based Fintech

FTX Trading Ltd.'s trust recovering funds for creditors sued a fintech company operating in Africa, several European and African financial services subsidiaries, and multiple executives, alleging they swindled millions from the company.

AZA Finance engaged in a deliberate scheme to defraud FTX of over $50 million in assets through a demerger plan it called the “Luxembourg Demerger,” the trust said in a Tuesday complaint filed in the US Bankruptcy Court for the District of Delaware. The trust is seeking turnover of the funds, damages for violation of the automatic bankruptcy stay, and remedies for fraudulent transfers, breach of contract and ...