[Courtesy]The National Assembly is set to form an inquiry into Cytonn and other entities where investors have lost billions of shillings. This is as MPs yesterday turned the heat on the Capital Markets Authority (CMA) accusing it of failing to protect investors in Cytonn, Imperial, and Chase bank bonds among others. CMA was appearing before the committee after Garissa Town MP Aden Duale requested Parliament to probe the Authority, estimating that investors had lost about Sh36.8 billion due to CMA's negligence. CMA recently said it had opened investigations into Cytonn High Yield Solutions (CHYS) and Cytonn Project Notes (CPN)— which have investments worth Sh13.5 billion. MPs put CMA on the spot on approving the Imperial and Chase Bank bonds only for the two institutions to go under after a short time.

Source: Standard Digital July 08, 2021 22:18 UTC