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Rank: Member Joined: 8/29/2008 Posts: 573
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sparkly wrote:VituVingiSana wrote:"Githongo went beyond his official duty of reporting corruption." is a nice way of sweeping things under the carpet. "proof of any corrupt acts on Murungaru's part ie no money trail, no proof of criminal charge or conviction." What if this proof disappeared? It's like Goldenberg. Bro Paul (& many of his friends) were in and out but all a sham. BTW, is this the same Judge JK Sergon who was found unsuitable by the vetting board for "credible allegations of corruption and failing to remit client's money, lacks personal integrity"? And what about the Biwott case.sparkly wrote:VituVingiSana wrote:The law is an ass. Let's call a spade a spade. These judges were compromised.
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(i) Nicholas Biwott sued various persons and media houses for linking him to Ouko murder among other scandals - Awarded KShs 67.5 million
(ii) Chris Murungaru sued John Githongo for calling him corrupt - Awarded KShs 27 million. Here is the Githongo Judgement Murungaru versus Githongo JudgementLooks well reasoned to me: 1. Githongo went beyond his official duty of reporting curruption. He held interviews locally and abroad, probably made money from his appearances and the book. 2. Githongo did not have proof of any corrupt acts on Murungaru's part ie no money trail, no proof of criminal charge or conviction. 3. Githongo refused to retract/ apologize. 4. Civil cases are determined on a balance of probability so it was enough for Murungaru to show that defamatory words were published about him and he suffered damage to his reputation. @VVS the message is that you should never accuse people esp people with money, power or both of crimes, immorality or impropriety unless you have solid evidence. If you don't have solid evidence you can use ambiguous terms like "a powerful minister", "a prominent business man", "a decorated wazuan"  if have money, why haven't we heard of you in the Forbes list? Give us a break.
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Rank: Chief Joined: 1/3/2007 Posts: 18,347 Location: Nairobi
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https://www.businessdail...ate-governance--3307342 When the law is an ass in corporate governance by a lawyer (Caroline Musyoka) who is a lawyer by training and was a director at BBK Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Ali Baba wrote:sparkly wrote:VituVingiSana wrote:"Githongo went beyond his official duty of reporting corruption." is a nice way of sweeping things under the carpet. "proof of any corrupt acts on Murungaru's part ie no money trail, no proof of criminal charge or conviction." What if this proof disappeared? It's like Goldenberg. Bro Paul (& many of his friends) were in and out but all a sham. BTW, is this the same Judge JK Sergon who was found unsuitable by the vetting board for "credible allegations of corruption and failing to remit client's money, lacks personal integrity"? And what about the Biwott case.sparkly wrote:VituVingiSana wrote:The law is an ass. Let's call a spade a spade. These judges were compromised.
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(i) Nicholas Biwott sued various persons and media houses for linking him to Ouko murder among other scandals - Awarded KShs 67.5 million
(ii) Chris Murungaru sued John Githongo for calling him corrupt - Awarded KShs 27 million. Here is the Githongo Judgement Murungaru versus Githongo JudgementLooks well reasoned to me: 1. Githongo went beyond his official duty of reporting curruption. He held interviews locally and abroad, probably made money from his appearances and the book. 2. Githongo did not have proof of any corrupt acts on Murungaru's part ie no money trail, no proof of criminal charge or conviction. 3. Githongo refused to retract/ apologize. 4. Civil cases are determined on a balance of probability so it was enough for Murungaru to show that defamatory words were published about him and he suffered damage to his reputation. @VVS the message is that you should never accuse people esp people with money, power or both of crimes, immorality or impropriety unless you have solid evidence. If you don't have solid evidence you can use ambiguous terms like "a powerful minister", "a prominent business man", "a decorated wazuan" if have money, why haven't we heard of you in the Forbes list? Give us a break. You were sleeping through the class. We were speaking about Biwott, Murungaru et al Life is short. Live passionately.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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sqft wrote:sparkly wrote:They have apologized, they have pulled down the story. There is still the matter of damages (cash payment) upon proof of damages by Cytonn. Keep us posted and try to avoid digging yourself in the same hole. The money you receive to smear Cytonn name will not be enough to pay them damages. will they also sue all the other media houses who have written all those articles listed above? I predicted that people would sue. Now @PK is running around reporting how people have sued! Sparkly wrote:Whistle blowing on what? You went to Cytonn, you signed an investment CONTRACT with them. If they don't fulfill their end of the bargain, you sue for BREACH of contract. In legal jargon this kind of a suit is called a "personam suit" i.e. you sue a particular person for the breach. This is to say there is nothing like whistle blowing on personal contracts. The most you can do is alert fellow netizens if something dodgy is going on and let everyone carry their burden. My next predictions:- 1. Cytonn Funds will not survive the run on assets. Pole for the investors. 2. The regulated funds, structured as Collective Investment schemes will face massive loss of capital. People will be lucky to get out 50% of what they invested. 3. The unregulated funds are worse of without ring-fencing and any security. Total write-off is likely. 4. There will be no fraud prosecutions on Cytonn directors. 5. Fund Investors will have no recourse on the real estate projects. There are priority interests on the real estate. Life is short. Live passionately.
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Rank: Member Joined: 1/19/2016 Posts: 204
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https://twitter.com/tukss_/status/1367432541389680641?s=21
“ So Cytonn is finally going down. All Directors left but Edwin is still holding on, all projects have stalled except Alma. Can't wait to see how this unfolds.”
Currently at 160 retweet’s, and 292 likes.
https://twitter.com/effects_then/status/1367566094278533122?s=21
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Rank: Elder Joined: 12/2/2009 Posts: 2,458 Location: Nairobi
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Rollout wrote:If Cytonn is indeed a reputable firm, then it should be able to raise money from high networth individuals, global institutions/companies etc.
The fact that Cytonn need to sell assets to raise kshs. 122 million ($1.22 million) is shocking to me.
The fact that Edwin with his Wharton network can't make phone call and pull in $100 million and have to fundraise from middle class Kenyans should be concerning.
If you raise money from Paul Kimani and people in his social class then don't blame them or anyone if they keep calling you on Monday, Wednesday and Friday to check their balance. Legitimate private equity will never pitch to small money investors, in fact most of them set a minimum investment of $1 million and 7 years investment period. I don't know Cytonne model and why they didn't raise money from high networth clients. You clearly dont understand the Cytonn products do you? The CHYS was and is a private product whose entry was 1M with a minimum 5years lock in period. It targets High Net Worth individuals. How idlers on Twitter are whining it is their money is only stuff for movies.
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Rank: Elder Joined: 12/2/2009 Posts: 2,458 Location: Nairobi
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paulkimani wrote:https://twitter.com/tukss_/status/1367432541389680641?s=21
“ So Cytonn is finally going down. All Directors left but Edwin is still holding on, all projects have stalled except Alma. Can't wait to see how this unfolds.”
Currently at 160 retweet’s, and 292 likes.
https://twitter.com/effects_then/status/1367566094278533122?s=21 LOL you are going down fighting!!! Can I hire you?
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Rank: Member Joined: 1/19/2016 Posts: 204
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Rank: Member Joined: 8/29/2008 Posts: 573
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poundfoolish wrote:Rollout wrote:If Cytonn is indeed a reputable firm, then it should be able to raise money from high networth individuals, global institutions/companies etc.
The fact that Cytonn need to sell assets to raise kshs. 122 million ($1.22 million) is shocking to me.
The fact that Edwin with his Wharton network can't make phone call and pull in $100 million and have to fundraise from middle class Kenyans should be concerning.
If you raise money from Paul Kimani and people in his social class then don't blame them or anyone if they keep calling you on Monday, Wednesday and Friday to check their balance. Legitimate private equity will never pitch to small money investors, in fact most of them set a minimum investment of $1 million and 7 years investment period. I don't know Cytonne model and why they didn't raise money from high networth clients. You clearly dont understand the Cytonn products do you? The CHYS was and is a private product whose entry was 1M with a minimum 5years lock in period. It targets High Net Worth individuals. How idlers on Twitter are whining it is their money is only stuff for movies. Ksh 1m is not necessarily for HNW individuals. Every idiot has such, had it not been for the pandemic
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Rank: Member Joined: 4/26/2011 Posts: 759
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poundfoolish wrote:Rollout wrote:If Cytonn is indeed a reputable firm, then it should be able to raise money from high networth individuals, global institutions/companies etc.
The fact that Cytonn need to sell assets to raise kshs. 122 million ($1.22 million) is shocking to me.
The fact that Edwin with his Wharton network can't make phone call and pull in $100 million and have to fundraise from middle class Kenyans should be concerning.
If you raise money from Paul Kimani and people in his social class then don't blame them or anyone if they keep calling you on Monday, Wednesday and Friday to check their balance. Legitimate private equity will never pitch to small money investors, in fact most of them set a minimum investment of $1 million and 7 years investment period. I don't know Cytonne model and why they didn't raise money from high networth clients. You clearly dont understand the Cytonn products do you? The CHYS was and is a private product whose entry was 1M with a minimum 5years lock in period. It targets High Net Worth individuals. How idlers on Twitter are whining it is their money is only stuff for movies. Kshs. 1 million is a low threshold, that is kshs. 1666 management fee a month, Cytonn made a fatal mistake, they should have had at least kshs. 50 million threshold. In typical private equity investors( limited Partners) make capital commitment and fund managers( managing partners)make capital calls every time they want to make an investment. The fact that people deposit money in some account irrespective of whether Cytonn needed to deploy money at the time and people were getting interest payment regardless of whether the company had a liquidity event still don't make sense. If Cytonn was in a developed market, Edwin will be in jail!
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