A Rwandan state agency sued LEAF Pharmaceuticals LLC for fraud, saying it was duped into a $40 million investment by false claims about the deal, including that it would make the East African nation a pharmaceutical research hub.
The lawsuit, filed Monday, targets LEAF and its founder-CEO, Clet Niyikiza. It accuses them of defrauding the Rwanda Social Security Board by, among other things, mischaracterizing the status of certain key drug patents owned by another corporate affiliate, which licenses them back to LEAF.
They also allegedly dragged their feet on disclosing financials sought by Rwanda, insisting they didn’t exist. The records ...
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