CYTONN BOSSES RUSH TO COURT TO BLOCK PROBE OVER INVESTMENT DEFAULTS.

0
128

BY SAM ALFAN.

The High Court has barred Director of Criminal Investigations George Kinoti and Capital Markets Authority from summoning or investigating the founder and board members of Cytonn investments Group.

Commercial court judge Wilfridah Okwany prohibited Kinoti from summoning and questioning, Edwin Dande, Patricia Wanjama and Elizabeth Nkukuu or any other employee or agent of Cytonn Group of companies in relation to the activities.

The police intend to question them over its products- Cytonn high yield solutions and Cytonn Real Estate projects, following complaints by investors over the failure to get returns after their funds matured as promised.

The court further barred the DCI and CMA from preferring charges against and their arraignment in court.

“A temporary injunction be and hereby issued restraining the respondents in any manner whatsoever from considering or preferring any charges and arraignment of the petitioners or any other employee or agent of Cytonn Group of companies relation to the activities of Cytonn high yield solutions and Cytonn Real Estate projects notes pending hearing and determination of the Petition filed by the board members.

In their court documents, the three claim that the disputes revolves around erroneous notion by CMA that Cytonn High Yield solutions (CHYS) is a collective Investment Scheme and therefore falling under its regulations as such under Capital Market Authority (collective investment scheme) regulations 2001.

LEAVE A REPLY