Sharp Daily
No Result
View All Result
Tuesday, June 24, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Investments

Justice Mabeya Orders CHYS Administrator Kereto Marima To Attend Court In Ouster Case

Editor SharpDaily by Editor SharpDaily
December 6, 2022
in Investments
Reading Time: 2 mins read
Adminstrator

High Court judge Alfred Mabeya has ordered Cytonn High Yield Solution (CHYS) administrator Kereto Marima to attend a court mention on his ouster.

In a directive seen by The Sharp Daily, the court set the mention date for December 7, 2022, ordering Marima to attend without fail.

“Take notice that the above mentioned matters are coming up for directions on Wednesday 7th December 2022 before Hon. Justice Alfred Mabeya at 08:30AM. (virtually). Further take notice that the administrator of the company (Mr Kereto Marima) is required to be in attendance virtually without fail,” the court ordered.

Mr Marima was appointed as an administrator to the company in October 2021, as part of ongoing efforts to turn around their performance after the funds experienced liquidity strains at the onset of the Covid-19 pandemic.

RELATEDPOSTS

Wycliffe Shamiah

Court Bars CMA From Making Further Defamatory Statements Against Cytonn

May 10, 2022
Adminstrator

Investors in CHYS/CPN Want Administrator Removed

April 14, 2022

There has been a push and pull between two factions of investors, with a few investors taking legal steps that would essentially put them ahead of the other investors in terms of recovery of investments. The investors wanted to liquidate the real estate funds in a bid to recover their investments.

Read: Investors in CHYS/CPN Want Administrator Removed

However, the Board of CHYS investors resolved to put the fund under administration in 2021 to give room for the fund to restructure, recover, and return value to investors.

In April this year, some members of the CHYS and the Cytonn Private Notes (CPN) credit committee voted to have the court-appointed administrator Mr Kereto Marima removed and replaced by the Official Receiver.

The decision to have the administrator removed was reached during an investors’ meeting held on April 13, 2022, leading to the court case. The investors also voted to have the process of tracing financial flows started and enforcement of corporate guarantee.

The Sharp Daily understands that Mr Marima has applied for an extension of his tenure by 12 months. Ololua Estates, one of the largest investors in the fund, however has requested that the administrator be maintained but not for a period exceeding 3 months.

Mr Marima did not however comment on the matter when reached out by The Sharp Daily.

According to one of the investors opposing the move, Mr Michael Mutua Mwinzi, the administrator does not deserve an extension period, since he “did not work for the interest of the creditors/investors”.

“I wish to state that the Administrator does not deserve any additional time in office and I vehemently object to the Application to extension of the Administrator’s term. The Administrator’s conduct for the period in office has been questioned by the creditors and the creditors belief he has not been working for the best interests of the creditors but working in concert with the Fund Manager,” Mwinzi said in court documents.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Shelter Afrique Targets East African Bourses, Pension Funds In Ksh60B Housing Bond

Next Post

List Of President Ruto’s New High Court Judges

Editor SharpDaily

Editor SharpDaily

The latest in business, real estate, education, investments, tech and entrepreneurship, brought to you daily. Reach us through thesharpdaily@gmail.com

Related Posts

Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
Analysis

Your First Investment should be an emergency fund with Cytonn Money Market Fund

June 16, 2025
Investments

Contrarian investing in Kenya.

June 13, 2025
Investments

Policies shaping Kenya-Tanzania energy collaboration

June 10, 2025
Investments

Navigating inflation and currency risks in African investments

June 10, 2025
Investments

A guide to investing in Africa

June 10, 2025

LATEST STORIES

Parliament slashes tax on digital asset trades: What this means for investors

June 23, 2025

Understanding Joint Ventures: A strategic tool in modern business

June 23, 2025

How bushy can a bush safari get?

June 20, 2025

Understanding SPVs

June 20, 2025

Why small investments are a power move

June 20, 2025

Social consequences of the tax relief for gamblers

June 20, 2025

How E-Tendering can reshape public procurement in Kenya

June 20, 2025

Unlocking long-term wealth with the power of compounding

June 19, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024