The High Court has appointed an insolvency practitioner as an administrator of two of Cytonn Investment funds.
In a court order issued on Wednesday, October 6, Justice Alfred Mabeya appointed Kereto Marima, a licensed Insolvency practitioner, as an administrator of the property of Cytonn High Yields Solutions LLP and Cytonn Real Estate Project Notes LLP in accordance with the provisions of the insolvency act.
“That this court do hereby appoints Kereto Marima of Box 1796-00606 Nairobi, a licensed insolvency practitioner as administrator of the property of Cytonn High Yields Solutions LLP in accordance with the provisions of the insolvency act,” the court order read in parts, with another part addressing Cytonn Real Estate Project Notes LLP.
The court directed that the order be served to all creditors owed by the embattled company.
Cytonn Investment has been facing a myriad of legal hurdles. In December 2020, a businessman filed a petition with the High Court asking the court to wind up the company.
In his petition, George Kirigi Thogo asked the court to liquidate the investment firm over failure to pay him Ksh14 million upon maturity of funds.
The High Court invited more creditors or contributory to the said company to support or oppose the making of an order on the said petition.
Several creditors came calling, deepening the woes of the firm, which has since been flagged as unlicensed by the Capital Markets Authority (CMA).