A High Court judge has suspended a directive by the Capital Markets Authority (CMA) barring Cytonn Asset Managers from bringing in new clients.
Justice Grace Nzioka on the eve of the New Year also directed the parties to appear before her on January 17 to argue the matter.
In a letter dated December 20, the regulator had said it would discontinue Cytonn Asset Managers on boarding of new clients starting this month if the firm is unable to secure a new trustee to manage the fund.
However, Cytonn argued that the decision was malicious because it had not given a chance to inform its investors, who would be affected by the sudden halt of the activities of the trust.
In his application in court, Cytonn CEO Edwin Dande said it was incumbent upon Cytonn Asset Managers and CMA to appoint a new trustee, failure to which the outgoing trustee (Co-operative Bank Ltd) was obligated to appoint within two months, a qualified company selected by it as a new
Cytonn had not appointed a new trustee by October 2019, and through a meeting convened on November 6, 2019 between them and the regulator, Mr Dande said it was resolved that Co-operative Bank would facilitate the appointment of a qualified company.
Why do Kenyans invest in very wiad schemes and cry later, nikama ukiweka locked saving account kwa bank (NOT SACCOs) and buy whatever land/house you want utakufa
Hii ni vita ya proxies wa cma wa Britam
Wakenya wamezoea vitu fake mpaka when you have a genuine off the roof profit making company mnaona ni uongo.
There’s nothing wrong with Cytonn. They are as legit as it comes. But they are fighting an already established system that will bring them to their knees.
Stop being ignorant. Hizo excuse wanafloat is the exit to be safe.how can banks ignore such a successful company? Ni ni trustee tu
2013- 2017 Britam Chairman-Francis Muthaura.
2014- Britam Asset Management CEO Edwin Dande quits together with senior officers Patricia Wanjama, Elizabeth Nkukuu and Shiv Arora to form a rival firm Cytonn.
2016 - 2019 CMA CEO- Paul Muthaura (son of Francis Muthaura)
Join the dots and you’ll know that the big boys won’t allow anyone to spoil their party.
The same CMA that is acting cool and smart against Cytonn has James Ndegwa as its chairman. Ndegwa is a board member at NCBA bank. So Ndegwa is a market player with products competing with those of other entities he is supposed to regulate
Akina Dande are white collar thugs. They fleeced Britam and had to refund the money they had diverted to Acorn
They didn’t fleece Britam. They left with clients coz they were making Britam more money without compensation. They saw an Opposhunity and took it.
Why are we acting like we don’t know cytonn has never made the company statements public. Even from the basic execution it’s just a ponzi scheme. U setup an off plan project that pays out and always relies on new investors cash to pay out the old investors.
ao wakora wa cytonn hawakujua wanacheza na lords of the land.
And so? Where’s the fleece? Asset Managers are just brokers. If you offer a broker 20k to get you a buyer for something, and he gets another offer for 35k, where do you think he’ll go?
U are just daft. So broker wakiuza riparian ur loss is urs alone? Utaelewa tu after a few days anyway
Wana taka kudai cartels ndio wameenda Na pesa Za investors or ndio wamezuia watu kuprosper
Kapsa
Deci version 3.0
I don’t know about the proxy war angle but it all started with Cytonn not having a trustee. Why is it that no one is willing to be their trustee?
Thank you wanakijiji for the info you’ve provided above. Very helpful.