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by Sydney
Political Cartoonist and Commentator


Sydney

Oct 30, 2020

Cytonn on the Knees as key investors pull out


The Kenyanpost news

A number of investors have withdrawn cash from Cytonn Investments.

This comes as the real estate firm battles a backlash following revelations that it was unable to pay back matured claims on some of the more than ten funds it pools public money from.

Addressing a press conference yesterday, Cytonn Investments Chief Executive Edwin Dande confirmed that they received withdrawal requests by some of clients.

But he insisted that the firm had “ample” liquidity for any investor who wanted their money back. 

“Of course we’ve seen an increase in withdrawals as this negative publicity continues,” Mr Dande said citing tight finances faced by the firm.

He declined to disclose the amount that had been withdrawn adding that it was “nothing to worry about.”

“I know the amount but its confidential nothing to worry about you’ll not hear any money market fund investor saying I can’t get my money,” said Dande.

Cytonn has come in the spotlight owing to a nasty legal battle with the Capital Markets Authority over one of its regulated funds, the Cytonn High Yield Fund (CHYF).

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