Following a Petition by investors in a Cytonn Real Estate Fund dubbed CHYS, Cytonn Investments Chief Executive Officer (CEO) Edwin Dande has been invited to parliament’s Committee of Public Petitions.
In a letter seen by the SharpDaily, the Office of the Clerk of the National Assembly notes that the meeting and presentation is intended to discuss issues surrounding the real estate investments “in order to facilitate its consideration.”
Read: Cytonn Investors Can Now Smile As The Company Initiates Restructuring Process
The invitation stems from a petition lodged in the National Assembly by a section of real estate investors who wants real estate companies to engage them consistently on the fate of their investments in the wake of biting inflation and the continued recovery from the pangs of COVID-19.
“The purpose of this letter is to invite you to attend the said meeting to be held on Tuesday, 7th February 2023 from 10:00 a.m. for purposes of providing information on the issues raised,” reads a section of the letter.
The engagement meeting will take place at the Continental House in parliament buildings, where the CEO, accompanied by key technical officers, will address the committee.
Dande has been a fierce critic of the current regulations on real estate, particularly the Real Estate Investment Trust (REIT), which he says are long overdue and meant to scare most investors and make it sacred for a chosen few.
“It’s been 10 years of talking and conferencing about REITs, yet not a single Kenyan lives in a house developed with a REIT, when will we accept that we need to make some changes?” said Dande in one of the recent social media posts.
The seasoned Wall Street investment banker points towards the mandatory minimum investments of Ksh. 5 million, which is required to qualify to invest in REIT, saying the amount is too high for most Kenyans, hence seemingly calculated to exclude most Kenyans from capital markets to the benefit of the banking sector.
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