Investor seeks Cytonn liquidation over Sh14m debt
Thursday December 10 2020
By JOSEPH WANGUI
Summary
A businessman says Cytonn is unable to settle its obligations upon maturity of funds in one of its pools.
A businessman has moved to court seeking liquidation of investment firm Cytonn over failure to pay Sh14 million upon maturity of funds in one of its pools.
George Kirigi Thogo, in an insolvency petition filed at the High Court in Nairobi, says the property developer is indebted to him for a sum of Sh14,264,538 being the principal amount and interest. The money is still earning interest.
Mr Thogo says that between October 18, 2019 and February 7, 2020, he topped up his investment, also known as Further Investment Agreement, having previously invested in one of the company s funds the Cytonn High Yield Solutions (CHYS) Scheme.