Machozi pale Cytonn

[RV Pundit]

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https://www.businessdailyafrica.com/bd/corporate/companies/investors-report-cytonn-to-cma-over-sh122m-default-2371628

[gout]

Too bad. Another sign of economic distress. People need cash, liquidity.

Muthauras will never forgive Dande but seems he knows what he is doing.

[patel]

Premiums tears.  Very few limited ways you can turn profit in kenya via honest work. It's a rigged economy fueled by corruption and money laundering. Very few rich Kenyans can account for their wealth.

[RV Pundit]

I hear last year treasury was contemplating doing the same on treasury bond holders.
Zambia has gone kaput.
Many countries will go kaput with nonsense covid-19 restriction.

Time to open up the economy before it lead to unprecedented economic mess.

Open up completely.

Too bad. Another sign of economic distress. People need cash, liquidity.

Muthauras will never forgive Dande but seems he knows what he is doing.

[GeeMail]

I hear last year treasury was contemplating doing the same on treasury bond holders.
Zambia has gone kaput.
Many countries will go kaput with nonsense covid-19 restriction.

Time to open up the economy before it lead to unprecedented economic mess.

Open up completely.

Too bad. Another sign of economic distress. People need cash, liquidity.

Muthauras will never forgive Dande but seems he knows what he is doing.

One of the few times we agree. Covid restrictions are killing people through economic hardship by pretending to preserve lives.

[RV Pundit]

It's Uhuru lack of leadership. Restriction at best are not working.
Tanzania are not dying.
They were our guinea pigs.
Developed nations went quickly back to normal.

This restriction are akin to war- and economic ruins it will leave will be huge.

Many companies cannot survive such kind of risks - only very few have cash reserves needed to survive this long.

Time to pull umagufuli - and declare COVID-19 has been 'defeated' by the power of prayers

And declared Kenya COVID-19 free - and pull out those Kagwe breaking news nonsense.

One of the few times we agree. Covid restrictions are killing people through economic hardship by pretending to preserve lives.

[Kadudu]

CYtonn promised investors 18% interest pa. Where do you make such money in Kenya? Blaming covid now is a big joke. Real estate market stagnated in Kenya way before 2017. Cytonn built mansions in Karen it cannot sell. Demanding 100m for a mansion. Who apart from looters of public coffers and some dealers has such money in Kenya? Also these kind of people are limited in number.

Cytonn demise was just a question of time. CMA slept on the job. It is reacting when the horses already bolted.

[RV Pundit]

Yes,sounded like Ponzi.

CYtonn promised investors 18% interest pa. Where do you make such money in Kenya? Blaming covid now is a big joke. Real estate market stagnated in Kenya way before 2017. Cytonn built mansions in Karen it cannot sell. Demanding 100m for a mansion. Who apart from looters of public coffers and some dealers has such money in Kenya? Also these kind of people are limited in number.

Cytonn demise was just a question of time. CMA slept on the job. It is reacting when the horses already bolted.

[GeeMail]

CYtonn promised investors 18% interest pa. Where do you make such money in Kenya? Blaming covid now is a big joke. Real estate market stagnated in Kenya way before 2017. Cytonn built mansions in Karen it cannot sell. Demanding 100m for a mansion. Who apart from looters of public coffers and some dealers has such money in Kenya? Also these kind of people are limited in number.

Cytonn demise was just a question of time. CMA slept on the job. It is reacting when the horses already bolted.

With so much illicit money floating around I wonder why they can't invest in Cytonn houses. Is EACC that effective?

[RV Pundit]

ARA is the big problem.Also the crackdown on the fake gold and drug dealers has not been helpful for criminals. One of the guys who bought their houses was Jared Otieno - fingered for fake dubai gold.

Money laundering just got complicated in kenya. We might see capital flight - as thugs - store their money away from ARA/Kenya gov reach.

Right now - ARA can basically seize everything you own if you cannot convince the judge about your story

With so much illicit money floating around I wonder why they can't invest in Cytonn houses. Is EACC that effective?

[Kadudu]

That is why Akinyi Chinedu cannot access the 60m she deposited in the bank. Most likely she will loose all of it.

ARA is the big problem.Also the crackdown on the fake gold and drug dealers has not been helpful for criminals. One of the guys who bought their houses was Jared Otieno - fingered for fake dubai gold.

Money laundering just got complicated in kenya. We might see capital flight - as thugs - store their money away from ARA/Kenya gov reach.

Right now - ARA can basically seize everything you own if you cannot convince the judge about your story

[RV Pundit]

Yes, that new one. Previously they had restricted themselves to graft suspect. Now it appears everyone could be on their radar. This of course is good news. Kenya has been money laundering, drug trafficking, corruption, war crimes, name it island.

Yes we need all the money we can get -but we don't surely need dirty money.

So more powers to ARA. As for rest of us - get you story right - get all the documentations. That shouldn't be hard if you're living an honest live.

This ARA will be the deal breaker in fighting graft. Criminal prosecution is very hard. The standard there is higher.

I guess the new business will be how to launder the money in labyrinth that would be impossible for ARA. That reduce the thiefs, the drug lords and criminals to few smart ones.

That is why Akinyi Chinedu cannot access the 60m she deposited in the bank. Most likely she will loose all of it.

[GeeMail]

As long as they don't mention Waste-On hotel.

[gout]

Whose 4 billion was it that Dande and co are said to have cleaned at Britam is a question that I have never understood.

Mr Thogo says he invested Sh12,994,883 in three tranches of Sh7 million with a maturity date of October 26, this year and a return rate of 19 per cent, Sh4 million set to mature on April 27, 2020 with a return rate of 16.5 percent and Sh1,994,883 to mature on August 10, 2020 with a return rate of 16.5 per cent.

However, on April 1 this year, Cytonn sent him a statement indicating that it had adjusted the maturity dates of all his investments, noting that it had “powers to unilaterally amend the terms of the agreement”.

On June 3,  Cytonn further told Mr Thogo that it had postponed its obligations (to pay the securities and interests) because the real estate market where it had invested the money was facing challenges, which had made it impossible to refund Mr Thogo's money.

https://www.businessdailyafrica.com/bd/markets/market-news/investor-seeks-cytonn-liquidation-over-sh14m-debt-3224722