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The Acorn Saga - Britam vs Cytonn
Rank: Elder Joined: 12/25/2014 Posts: 2,300 Location: kenya
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VituVingiSana wrote:@Horton
"Don't give me the jargon on cases in Kenya take long..coz thats baloney!"
They do. A simple matter I am involved in has not had a hearing for 12+ months. The judge is lazy. Dates are taken for Mentions. And new (deferred) dates are given for mentions at these dates! Then the judge goes on vacation [why give a date if you are going on vacation?] so the mention for the hearing is postponed by the Clerk to a date when she MIGHT be back. BTW, this doesn't even account for the court vacation which means no hearing/court dates for 6 weeks.
All this is after BOTH parties just want a ruling on a matter. At one point the judge took 20 minutes off to read a 2-page submission she had for 2 weeks. I kid you not. Then she deferred her decision & gave another date for the mention to set a date for the ruling.
Once, the case was not even listed on the date given for the mention. So a new date was given. Then the file goes missing. So you go back to the judge to get permission to 're-create' the file. This takes 2 court dates. Another 3 weeks. Even that was after folks threw a fit.
Long story short. You can die while the case is going on.
Now a complex case like Britam vs Cytonn, seeing how long a simple matter takes, can take a decade! It has been almost 2 years with 1+ year spent not on a ruling (on a specific item) but trying to get a date for a ruling for that simple item/submission!
Now I understand why banks don't want to foreclose. It can take them years to get a ruling. And you forgot to mention back room lobbying that can be done so that the judge can give a ruling in favor of one . Then others have become so lucrative that at the back room they chew from both parties without their knowledge. The only solution is to postpone cases as they continue to chew longer . Outside court settlement is a good way to go. It's good they realised that .Iv been a victim and I know how miserably it goes in there
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Rank: Member Joined: 9/2/2010 Posts: 845
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Horton wrote:innairobi wrote:Cytonn trying to recover legal costs. Must be a painful expense for such a small company. They are competing with an elephant at shitting. I think Britam just wants to frustrate, defame and bleed them to death ili iwe funzo. I dont think Cytonn is small. I have invested with them. They are an extremely well oiled machine.very efficient They have projects worth 50B in the pipeline. Britam, im sure are scared. Their best minds have left them, to compete with them! These court cases seem frivolous. i meant small in relative terms i.e. compared to britam and its peers. i'm sure their financials are tiny in comparison. project pipelines are great but unfortunately, its a piece of corporate jargon that is often used to exaggerate the size of fledgling organizations. for instance, in that 50B pipeline, how did they arrive at that valuation, how much of that project value will be actual income for cytonn, what's the structure of financing, what are the timelines for those projects to come to fruition, how much control does cytonn have over those projects i.e. who are the other major stakeholders etc. i have nothing against cytonn. i have tremendous respect for every person that is bold enough to chart their own path away from the safety of a regular job and will be excited for them if they do succeed. the success of a nation rests on the success of its entrepreneurs. but that thing of best minds is not true. the most fatal mistake cytonn can make is to underestimate the market because they believe they are 'the best brains'. no one is indispensable especially in an organisation as large as britam. hata michael joseph left safaricom and the company continues to scale new heights. All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Private equity firm Helios Investment Partners has entered into a joint venture with property developer Acorn Group, giving the erstwhile Britam partner the financial muscle to undertake large real estate projects. http://www.businessdaily...76/-/6tmd2u/-/index.html"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 11/1/2013 Posts: 257
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Cytonn appoints CDSC Chairman Mr Bristow to its Board http://kenyanwallstreet....mr-bristow-to-its-board
No diagnosis,no pragnosis,no pragnosis no profit......Jesse livermore
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Rank: Member Joined: 1/19/2016 Posts: 204
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Cytonn’s in-house lawyer, Patricia Wanjama – as well as being enjoined in the Britam suit – is being investigated by the LSK disciplinary committee. Her own father sits on the board of the LSK disciplinary comittee, and Cytonn also now sponsors the LSK - as stated on the LSK website.
Many companies and individuals are creating real estate deals much larger than Cytonn – which begs the question – why is the media focusing on Cytonn (see BD article on Cytonn “Causing a storm” in the real estate market) – Are they “sponsoring” the media also?
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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Rank: Member Joined: 1/19/2016 Posts: 204
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Horton, these questions are important considering they're a private equity firm handling individuals savings.
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Rank: Hello Joined: 7/31/2015 Posts: 7
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Rank: Elder Joined: 8/16/2011 Posts: 2,297
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brayosylvan wrote:Why is the market so low  Reason coz Oil/petroleum prices are low and there are oil floods in the market and no money to buy goods and services produced at high costs of labour and materials.
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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Rank: Veteran Joined: 8/10/2014 Posts: 969 Location: Kenya
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brayosylvan wrote:Why is the market so low Banks are pretty much in limbo coz of that interest rate cap; a number of companies reporting drop in profits so that raises question marks; scandals in KQ, Uchumi and Mumias; Media companies are in the mud NMG slow newspaper sales Standard not enough money from TV; Kengen and Kenya Power debt, govt ownership, election year, post rights issue, slow growth in KP; NSE not many people are trading low commissions; Oil sector riding high with the low prices hence high volumes; Safcom already correctly priced.
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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brayosylvan wrote:Why is the market so low So quite you would feel yourself breathe as you place that order. ,Behold, a sower went forth to sow;....
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Rank: Elder Joined: 10/3/2008 Posts: 4,057 Location: Gwitu
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muandiwambeu wrote:brayosylvan wrote:Why is the market so low So quite you would feel yourself breathe as you place that order. Quite quiet I see!  Truth forever on the scaffold
Wrong forever on the throne
(James Russell Rowell)
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Rank: Member Joined: 3/20/2008 Posts: 503
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watesh wrote:brayosylvan wrote:Why is the market so low Banks are pretty much in limbo coz of that interest rate cap; a number of companies reporting drop in profits so that raises question marks; scandals in KQ, Uchumi and Mumias; Media companies are in the mud NMG slow newspaper sales Standard not enough money from TV; Kengen and Kenya Power debt, govt ownership, election year, post rights issue, slow growth in KP; NSE not many people are trading low commissions; Oil sector riding high with the low prices hence high volumes; Safcom already correctly priced. Chisas, going by these sentiments, it seems as if we should stay out of the stock market altogether. Is that what you are telling us???
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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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Did you check the date/time stamp of that post? xxxxx wrote:
Chisas, going by these sentiments, it seems as if we should stay out of the stock market altogether. Is that what you are telling us???
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Horton wrote:@dukang, bird what you have put here are very serious claims is it backed by facts or just by hear say & disoriented apprehension?? Because Britam hasnt managed to convince the court in 1 year about these "claims" Would you like to substantiate your claims ?? I'm sure the court would love to hear your views if they are indeed based on facts, in our innocent until proven guilty world! do u know anyone they have conned to be called "conmen??? such inane statements should be left at the bar stools! Give us facts, not your twisted perceptions! @Sober, have been to several of their events, and I have picked up that there extremely large projects coming soon, Ruaka alone is 2B, U haven't factored their 2nd Karen project situ which is on 29acres some of which will be built and then sold, others will be sold off as serviced plots.they had broken it down for us on one of these events, can't quite remember the specifics. Could it be that Britam have lost some of their best brains (and ideas) & there is lack of innovation on products and so they go and do a law suit against their former employees in trepidation? If it was indeed that straight forward, why wasn't this case concluded quickly? Don't give me the jargon on cases in Kenya take long..coz thats baloney! Cytonn being David, has less material & political clout vs Britam (read Goliath). Cytonn poached and signed up Britam's biggest clients soon after setting up. http://allafrica.com/stories/201411101120.html
Think about it, even Acorn preferred dealing with the younger, more dynamic Cytonn vs securing a deal with ye 'ol Britam, who owned a quarter of the company and 2 seats on the Acorn board! That should be worth something! We should applaud these young folks who, if you ever dealt with them, are straight shooters and tell you as it is! Duka and bird, if you don't know the specifics or havent dealt with either (which is where I put my money) then you shouldn't comment for the heck of it, i really followed the case as I wanted to invest with these guys but wanted to know that my hard earned money is also safe. I am happy to note that, so far,I am quite chuffed with their services! In my 15 years of being a very unadventurous investor, I would highly recommend them! https://twitter.com/Kala...231837807813054464?s=20
Scenes at the ELC Court today. The Court : Hearing will be on 21st April 2021. Advocate : Sorry, you mean 2020? Court : No counsel.. 21st April 2021.. We thought we'd have the new judges by now but it seems they won't be appointed for a long time. Bear with us. The above is not related to Britam, Cytonn or Acorn. I just picked it up from Twitter. No idea what it specifically relates to. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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The Acorn Saga - Britam vs Cytonn
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