CMA warns the public against investing in Cytonn Investments hapakenya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hapakenya.com Daily Mail and Mail on Sunday newspapers.
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A businessman has moved to the High Court seeking liquidation of Cytonn Investments over a Sh14.3 million debt.
In a petition, George Thogo says between October 2019 and February this year, he topped up his investment with the real estate firm, having previously invested with Cytonn.
The investment was under the firm’s High-Yield Solution Scheme. This included Sh7 million with a maturity date set for October 26, this year with a return of 19 per cent, and Sh4 million set to mature on April 27 with a return of 16.5 per cent.
The other was Sh1.99 million set to mature on August 10, this year, with a return rate of 16.5 per cent. On April 1, 2020, Cytonn sent him a statement adjusting maturity dates to all the investments. It argued it had “powers to unilaterally amend” the terms of the agreement.
Kenya: Investor Asks Court to Liquidate Cytonn Over Sh14 Million Debt allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.