Edwin Dande, Managing Partner, Cytonn Investments [Elvis Ogina.Standard]NAIROBI, KENYA: Investment firm Cytonn is on the spot again after fresh complaints emerged of its inability to honour claims amounting to Sh100 million. The matured funds are held in unregulated investment schemes but have since been woven into a court fight between CMA and the Cytonn High Yield Fund (CHYF). The investors were part of the Cytonn High Yield Solutions (CHYS) and Cytonn Project Notes (CPNs). In a letter to Cytonn annexed in the affidavit, CMA noted that it had raised complaints of new 10 investors owed matured Sh55.5 million to no response. Earlier, Cytonn told investors that it had extended maturity dates owing to the coronavirus pandemic hit.

Source: Standard Digital October 29, 2020 13:18 UTC