Your excellency Dr William Samoei Ruto, congratulations on your election as the 5th president of the Republic of Kenya. We kindly request that you implore upon Cytonn Investments to set your people free. We are distressed investors whose only crime was to save our money. Dr President, we know the SAVINGS theme is close to your heart. We, victims, include retirees, pensioners, Saccos, farmers, and entrepreneurs.
This is the story of the aged and their lost livelihoods, the sick, widows, widowers, orphans and parents all disenfranchised of their hard-earned savings and sources of livelihood. We are all weeping in anguish and gnashing our teeth. For 3 years the stress of trying to recover our hard-earned money has led to broken homes, various deaths and we fear worse might happen unless things get addressed with the attention they deserve
Weinvested in Cytonn Investment Management PIc under CHYS & CPN products which guaranteed returns that were to be derived from the development of well-researched real estate properties. Cytonn said it was “borrowing” from us so as to intermediate banks and in return, we would earn interest that banks would otherwise have pocketed. As such, they would be paying equal if not better rates than banks. This made a lot of investment sense to us investors who believe “God raises the poor from the dust and lifts the needy from the ash [email protected]
Alas, Cytonn wants to kill this dream but we know help is on the way!
Trouble came knocking in 2019 when Cytonn started defaulting in payment of interest and maturing principals. When Covid-19 broke out in early 2020, this became their main excuse. Since then, they’ve used catchy phrases to shift goal posts. From force majeure, topping up investments, standstill agreements, preservation of pooled funds’ value, extended maturities, moratorium, loans being restructured to medium term notes, the list keeps growing. Although investors have remained sympathetic throughout this 3-year period, there seems to be more than meets the eye.
Dr President, we are seeking your intervention to help innocent Kenyans get back their money. We continue praying for a country with a safe investment space. A place where both local and international participants have confidence to invest.
Somewhere Mama Mboga can easily trade without complicated contracts.
We have tried to engage with Cytonn on genuine discussions to recover our money but in vain. We have written to the Attorney General’s office pleading for intervention, made formal complaints to the DCI even reached out to CMA.
This matter was also tabled in Parliament, Hansard reported Wednesday, June 23, 2021 but we don’t know what became of it. Your excellency, we request for a forensic audit of Cytonn operations since it would appear funds were diverted and not used in real estate development. We also plead going forward, Government agencies and regulatory agencies step up oversight of investment firms that include private property developers so as to avoid misuse of investors’ funds in off-plan purchase of property.
We remain at your mercy, available to meet you and pray that you will intervene so as to relieve us this untold pain and suffering that we continue to endure.
Yours Sincerely.
Distressed Cytonn CPN & CHYS Investors.
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