• Home
  • News
  • Business
  • Entertainment
  • Lifestyle
  • Politics
  • Sports
  • Tech
  • World
Tuesday, May 24, 2022
Kenyan Bulletin
No Result
View All Result
  • Home
  • News

    Meet the ‘Basmati’ Babes

    George Kinoti receives a courtesy call from Japan

    Detectives recover cocaine worth Sh100 Million

    The death of Mentor Sacco Deputy CEO James Njuguna comes back to haunt management

    Governor Mwangi Wa Iria Fleecing Murang’a Dairy Farmers To Fund Usawa Party Campaigns

    Man suffers critical injuries as he escapes after being busted

    4 suspects arrested over KIMC student murder

    Gachagua named Deputy President

    Azimio manager nursing injuries in fight over a bootylicious attendant 

  • Business
    Centum and a Demonstrable Track Record of Cash Return

    Centum and a Demonstrable Track Record of Cash Return

    KenGen adds 400 megawatts geothermal power

    KenGen adds 400 megawatts geothermal power

    Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

    Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

    Kenyan based jobtech Ajiry gets a continental shortlisting

    Kenyan based jobtech Ajiry gets a continental shortlisting

    KenGen drills the 7th Well in Ethiopia

    KenGen drills the 7th Well in Ethiopia

    Here’s how Metropolitan National Sacco makes it easy for you to save; get a loan

    Racist Chandarana Store on the spot again

    Racist Chandarana Store on the spot again

    Centum Real Estate says Mzizi Project Over Booked

    Centum Real Estate says Mzizi Project Over Booked

    KenGen completes repairs at Olkaria II Geothermal Plant

    KenGen completes repairs at Olkaria II Geothermal Plant

  • Entertainment

    DCI having a great moment at Bishop Luigi Locati children’s home

    Tragic Road Accident Claims Lives of Two Upcoming Instagram Influencers

    Professor Jay’s health continues to deteriorate: This is how he landed in ICU

    VIDEO: David Murathe’s son takes over Eric Omondi’s ex-girlfirend Chantal Grazioli

    Raunchy socialite seeking endorsement by ODM for Nairobi Women Rep seat 

    KoT exposes Rose Muhando’s Sexcape in Kenya

    KoT exposes Rose Muhando’s Sexcape in Kenya

    Miracle Baby: Mwalimu Rachel took everything from Sailors

    Viral Video of a couple having a quickie on the Roadside

    Viral Video of a couple having a quickie on the Roadside

    KOT reacts after a man’s dead Uncle started weeping

    KOT reacts after a man’s dead Uncle started weeping

  • Lifestyle
    Zainab: My horrible experience in Zanzibar as a young solo female traveler

    Zainab: My horrible experience in Zanzibar as a young solo female traveler

    DCI having a great moment at Bishop Luigi Locati children’s home

    Foreigner caught sodomizing an iPad thief

    Foreigner caught sodomizing an iPad thief

    Why saving money for children early is important

    Energy Champion KenGen plants 7000 indigenous trees

    Energy Champion KenGen plants 7000 indigenous trees

    KoT exposes Rose Muhando’s Sexcape in Kenya

    KoT exposes Rose Muhando’s Sexcape in Kenya

    3 most evil Kenyan women leading corporates

    3 most evil Kenyan women leading corporates

    Video: How bouncers undressed a man over 55K bill

    Video: How bouncers undressed a man over 55K bill

    Photos: Burglars raid Muthaiga Homes

    Photos: Burglars raid Muthaiga Homes

  • Politics
    How Odinga is duping Kenyan women with Karua nomination

    How Odinga is duping Kenyan women with Karua nomination

    Why DP Ruto’s youth centric economy is selling

    How Ruto plans to transform Agriculture when he takes over presidency

    Raila is too old and idealess to be president

    Raila is too old and idealess to be president

    Bishop Gakuyo fingered for interfering with Jubilee Party nominations in Thika

    Uproar In Wa Iria’s Usawa Party Over Irregular Ticket Issuance

    Voters petition ODM to nullify all certificates awarded to Alego Usonga MCA nominations winners

    Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

    Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

    The flashy swankpot  old man supporting Raila to safeguard questionable Wealth

    The flashy swankpot old man supporting Raila to safeguard questionable Wealth

  • Sports

    Sponsors forces a Russian billionaire to sell his EPL club

    Titus Maero: Depressed NMG journalist commits suicide  

    Manchester United youngster Mason Greenwood arrested over rape and assault allegations

    Video: Musalia Mudavadi mourns

    Video: Musalia Mudavadi mourns

    Harambee Stars no. 1 fan hacked to Death

    Harambee Stars no. 1 fan hacked to Death

    Kimanzi exits cash-strapped Wazito

    Formula 1 maestro Lewis Hamilton receives knighthood

    Formula 1 maestro Lewis Hamilton receives knighthood

    WATCH: Harambee Stars goalkeeper Brian Bwire accused of match-fixing Uganda game

    WATCH: Harambee Stars goalkeeper Brian Bwire accused of match-fixing Uganda game

    Heavy contingent of policemen arrives at FKF’s Kandanda House

    Heavy contingent of policemen arrives at FKF’s Kandanda House

  • Tech
    How Centum Has Helped Bridge The Youth Unemployment Gap

    How Centum Has Helped Bridge The Youth Unemployment Gap

    BlackBerry to terminate service on old devices at midnight

    BlackBerry to terminate service on old devices at midnight

    KenGen to inject more Megawatts into National Grid

    Metaverse will revolutionize your ability to be a jerk

    Metaverse will revolutionize your ability to be a jerk

    Facebook’s App name will not be Changed

    Facebook’s App name will not be Changed

    Top Euro2020 bonuses for Bangbet punters as Kariakor driver wins Sh100k

    Kenyan Social Media giant Gscroll hits a Milestone

    Kenyan Social Media giant Gscroll hits a Milestone

    How to setup Rafiki by Securex Home Security System

    How to setup Rafiki by Securex Home Security System

    New Cybersecurity Attacks Target Africa and Middle East Diplomatic Missions

    New Cybersecurity Attacks Target Africa and Middle East Diplomatic Missions

  • World

    Fact Check: Truth about China’s “artificial sun”

    Former Silicon Valley Star Elizabeth Holmes Found Guilty In Theranos Fraud Trial

    Former Silicon Valley Star Elizabeth Holmes Found Guilty In Theranos Fraud Trial

    Prime Minister Hamdok resigns

    Prime Minister Hamdok resigns

    Reactions as Archbishop Desmond Tutu bows

    Reactions as Archbishop Desmond Tutu bows

    Heart breaking Photos as Rai Kills 208 People

    Heart breaking Photos as Rai Kills 208 People

    4 Lecturers in trouble after a leaked Sextape

    4 Lecturers in trouble after a leaked Sextape

    Bomb kills a Pregnant Journalist in the Coast

    Bomb kills a Pregnant Journalist in the Coast

    Malala marries the Nobel Price Winner

    Malala marries the Nobel Price Winner

    8 Prophets drown to death during Baptism

    8 Prophets drown to death during Baptism

  • Home
  • News

    Meet the ‘Basmati’ Babes

    George Kinoti receives a courtesy call from Japan

    Detectives recover cocaine worth Sh100 Million

    The death of Mentor Sacco Deputy CEO James Njuguna comes back to haunt management

    Governor Mwangi Wa Iria Fleecing Murang’a Dairy Farmers To Fund Usawa Party Campaigns

    Man suffers critical injuries as he escapes after being busted

    4 suspects arrested over KIMC student murder

    Gachagua named Deputy President

    Azimio manager nursing injuries in fight over a bootylicious attendant 

  • Business
    Centum and a Demonstrable Track Record of Cash Return

    Centum and a Demonstrable Track Record of Cash Return

    KenGen adds 400 megawatts geothermal power

    KenGen adds 400 megawatts geothermal power

    Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

    Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

    Kenyan based jobtech Ajiry gets a continental shortlisting

    Kenyan based jobtech Ajiry gets a continental shortlisting

    KenGen drills the 7th Well in Ethiopia

    KenGen drills the 7th Well in Ethiopia

    Here’s how Metropolitan National Sacco makes it easy for you to save; get a loan

    Racist Chandarana Store on the spot again

    Racist Chandarana Store on the spot again

    Centum Real Estate says Mzizi Project Over Booked

    Centum Real Estate says Mzizi Project Over Booked

    KenGen completes repairs at Olkaria II Geothermal Plant

    KenGen completes repairs at Olkaria II Geothermal Plant

  • Entertainment

    DCI having a great moment at Bishop Luigi Locati children’s home

    Tragic Road Accident Claims Lives of Two Upcoming Instagram Influencers

    Professor Jay’s health continues to deteriorate: This is how he landed in ICU

    VIDEO: David Murathe’s son takes over Eric Omondi’s ex-girlfirend Chantal Grazioli

    Raunchy socialite seeking endorsement by ODM for Nairobi Women Rep seat 

    KoT exposes Rose Muhando’s Sexcape in Kenya

    KoT exposes Rose Muhando’s Sexcape in Kenya

    Miracle Baby: Mwalimu Rachel took everything from Sailors

    Viral Video of a couple having a quickie on the Roadside

    Viral Video of a couple having a quickie on the Roadside

    KOT reacts after a man’s dead Uncle started weeping

    KOT reacts after a man’s dead Uncle started weeping

  • Lifestyle
    Zainab: My horrible experience in Zanzibar as a young solo female traveler

    Zainab: My horrible experience in Zanzibar as a young solo female traveler

    DCI having a great moment at Bishop Luigi Locati children’s home

    Foreigner caught sodomizing an iPad thief

    Foreigner caught sodomizing an iPad thief

    Why saving money for children early is important

    Energy Champion KenGen plants 7000 indigenous trees

    Energy Champion KenGen plants 7000 indigenous trees

    KoT exposes Rose Muhando’s Sexcape in Kenya

    KoT exposes Rose Muhando’s Sexcape in Kenya

    3 most evil Kenyan women leading corporates

    3 most evil Kenyan women leading corporates

    Video: How bouncers undressed a man over 55K bill

    Video: How bouncers undressed a man over 55K bill

    Photos: Burglars raid Muthaiga Homes

    Photos: Burglars raid Muthaiga Homes

  • Politics
    How Odinga is duping Kenyan women with Karua nomination

    How Odinga is duping Kenyan women with Karua nomination

    Why DP Ruto’s youth centric economy is selling

    How Ruto plans to transform Agriculture when he takes over presidency

    Raila is too old and idealess to be president

    Raila is too old and idealess to be president

    Bishop Gakuyo fingered for interfering with Jubilee Party nominations in Thika

    Uproar In Wa Iria’s Usawa Party Over Irregular Ticket Issuance

    Voters petition ODM to nullify all certificates awarded to Alego Usonga MCA nominations winners

    Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

    Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

    The flashy swankpot  old man supporting Raila to safeguard questionable Wealth

    The flashy swankpot old man supporting Raila to safeguard questionable Wealth

  • Sports

    Sponsors forces a Russian billionaire to sell his EPL club

    Titus Maero: Depressed NMG journalist commits suicide  

    Manchester United youngster Mason Greenwood arrested over rape and assault allegations

    Video: Musalia Mudavadi mourns

    Video: Musalia Mudavadi mourns

    Harambee Stars no. 1 fan hacked to Death

    Harambee Stars no. 1 fan hacked to Death

    Kimanzi exits cash-strapped Wazito

    Formula 1 maestro Lewis Hamilton receives knighthood

    Formula 1 maestro Lewis Hamilton receives knighthood

    WATCH: Harambee Stars goalkeeper Brian Bwire accused of match-fixing Uganda game

    WATCH: Harambee Stars goalkeeper Brian Bwire accused of match-fixing Uganda game

    Heavy contingent of policemen arrives at FKF’s Kandanda House

    Heavy contingent of policemen arrives at FKF’s Kandanda House

  • Tech
    How Centum Has Helped Bridge The Youth Unemployment Gap

    How Centum Has Helped Bridge The Youth Unemployment Gap

    BlackBerry to terminate service on old devices at midnight

    BlackBerry to terminate service on old devices at midnight

    KenGen to inject more Megawatts into National Grid

    Metaverse will revolutionize your ability to be a jerk

    Metaverse will revolutionize your ability to be a jerk

    Facebook’s App name will not be Changed

    Facebook’s App name will not be Changed

    Top Euro2020 bonuses for Bangbet punters as Kariakor driver wins Sh100k

    Kenyan Social Media giant Gscroll hits a Milestone

    Kenyan Social Media giant Gscroll hits a Milestone

    How to setup Rafiki by Securex Home Security System

    How to setup Rafiki by Securex Home Security System

    New Cybersecurity Attacks Target Africa and Middle East Diplomatic Missions

    New Cybersecurity Attacks Target Africa and Middle East Diplomatic Missions

  • World

    Fact Check: Truth about China’s “artificial sun”

    Former Silicon Valley Star Elizabeth Holmes Found Guilty In Theranos Fraud Trial

    Former Silicon Valley Star Elizabeth Holmes Found Guilty In Theranos Fraud Trial

    Prime Minister Hamdok resigns

    Prime Minister Hamdok resigns

    Reactions as Archbishop Desmond Tutu bows

    Reactions as Archbishop Desmond Tutu bows

    Heart breaking Photos as Rai Kills 208 People

    Heart breaking Photos as Rai Kills 208 People

    4 Lecturers in trouble after a leaked Sextape

    4 Lecturers in trouble after a leaked Sextape

    Bomb kills a Pregnant Journalist in the Coast

    Bomb kills a Pregnant Journalist in the Coast

    Malala marries the Nobel Price Winner

    Malala marries the Nobel Price Winner

    8 Prophets drown to death during Baptism

    8 Prophets drown to death during Baptism

No Result
View All Result
Kenyan Bulletin
No Result
View All Result
Home Business

Reprieve for Cytonn as court dismisses CMA’s name change directive

The Sparrow by The Sparrow
August 19, 2021
in Business
Reading Time: 3 mins read
0
Share on FacebookShare on TwitterWhatsapp

The High Court has this morning issued orders setting aside the directives issued by the Capital Markets Authority, CMA, which were directing Cytonn to change its name within 30 days or stop onboarding new clients.

In early August, CMA had directed the licensed fund manager to change its name saying the directive is in line with the Capital Markets Act. According to CMA’s Chief Executive Wyckliffe Shamiah, the name

READ ALSO

Centum and a Demonstrable Track Record of Cash Return

KenGen adds 400 megawatts geothermal power

“The name change will do away with the confusion caused by the similar name used by the unregulated Cytonn Investment Management Ltd,” CMA Chief Executive Wyckliffe Shamiah had said in a statement.

It is not clear what CMA was looking to achieve with the change of name directive. Speaking to a Cytonn client, she wondered, “But CMA wants them to change their name to what now? They are Cytonn, which would be deceitful because we know we are invested in Cytonn Money Market Fund, and we are happy with it. CMA should at least meet with our clients to explain to us why they want a name change? We don’t understand the issue.”

Cytonn claims that this was an act of economic sabotage from CMA. Reached for comment, Edwin Dande, the Cytonn CEO said, “This was just another act of economic sabotage. CMA is so unlawful, so unprocedural, that they cannot win anything in a fair court. Given their demonstrated commitment to economic sabotage, I am sure they are drafting the next illegal directive, we are waiting for it. How do you call people out of maternity to appear physically within 24 hours and then proceed to sanction them for asking for a rescheduling?”

“I am beginning to wonder whether someone there is somehow gaining something from issuing these frivolous directives. They issue directives fully knowing they are illegal and won’t stand the faintest court scrutiny. It’s really strange.” Added Dande. via Soko Directory

Dannde has been writing a series of tweets t explain Cytonn’s position vis a vis CMA’s. Here is one

Lacks a good grasp of Capital Markets.Part 3 was to be about Mr. Shamiah’s contradictory positions on Private Offers/Unregulated products.

But I decided to first demonstrate that he seems to lack a good grasp of capital markets, hence probably does not understand private offers.

When asked by Adan Duale, MP: “What is the total number of all the unregulated capital markets products in the country and the number of investors in the said products?”

Shamiah’s response on page 13 of the July 6th, 2021 report to the Parliamentary Finance Committee was that “most unregulated products are operated in obscurity and therefore it is impossible for CMA to maintain a record of such.”

Just do a simple google search on unregulated investment products in Kenya, you will find a list of those products. And get this, the biggest packager and distributor of unregulated products is a licensee of CMA, I won’t name them out of courtesy.

Below is a list of some unregulated products, an industry that CMA purports to be operating in obscurity. It appears the aim was to try and mislead the committee that only Cytonn sells unregulated investment products.

  1. Car & General Short Term Note Program
  2. ASL Credit Short Term Note Program
  3. KK Security Short Term Note Program
  4. Premier Credit Note Program
  5. Watu Credit Note Program
  6. My Credit Note Program
  7. Maiyan Holdings
  8. Heri Homes Capital LLP
  9. Cytonn Projects Notes (CPN)
  10. Two Rivers Development CP Programme
  11. Meru Greenwood City Equity
  12. Cytonn High Yield Solutions (CHYS)
  13. Britam Wealth Management Fund LLP

Collectively, they manage more funds than the regulated Collective Investments Schemes, how can they be obscure?

A competent CEO of a Capital Markets Authority ought to know that Private Offers are legal and constitutional (debate for another day), hence focus on disclosure and transparency.

To try and project them as illegal simply to discriminate against some players just reinforces it’s a discriminative agency.

The man does not understand capital markets, he is a clear and imminent danger to our capital markets, and he must go home; not because I said so, but purely on the merit of the facts. It’s just a matter of when and how.

Join our Telegram channel for breaking news, entertainment news and so much more.

Comments

comments

Share this:

  • Twitter
  • Facebook
ShareTweetSend

Related Posts

Centum and a Demonstrable Track Record of Cash Return
Business

Centum and a Demonstrable Track Record of Cash Return

May 21, 2022
KenGen adds 400 megawatts geothermal power
Business

KenGen adds 400 megawatts geothermal power

May 6, 2022
Why DP Ruto’s bottom up economic model will fix Uhuru’s mess
Business

Why DP Ruto’s bottom up economic model will fix Uhuru’s mess

May 3, 2022
Kenyan based jobtech Ajiry gets a continental shortlisting
Business

Kenyan based jobtech Ajiry gets a continental shortlisting

May 2, 2022
KenGen drills the 7th Well in Ethiopia
Business

KenGen drills the 7th Well in Ethiopia

April 26, 2022
Business

Here’s how Metropolitan National Sacco makes it easy for you to save; get a loan

April 22, 2022
Next Post
Sick Chicken kills One

Sick Chicken kills One

Popular Articles

  • Video: Patrick Ayoyi Records Himself Defiling Minor

    865 shares
    Share 865 Tweet 0
  • How Interior PS Karanja Kibicho is taking over the Alcohol Industry

    0 shares
    Share 0 Tweet 0
  • Video: Mike Sonko leaks Governor Anne Kananu’s Sexcape

    0 shares
    Share 0 Tweet 0
  • Meet the ‘Basmati’ Babes

    0 shares
    Share 0 Tweet 0
  • KOT and why Room 350 is trending

    0 shares
    Share 0 Tweet 0
  • Trending
  • Comments
  • Latest

Expose: Martha Karua Pocketed BAT’s £50,000 Bribe To Promote Cigarette Smuggling

May 17, 2022

Video: Patrick Ayoyi Records Himself Defiling Minor

February 17, 2020

How Interior PS Karanja Kibicho is taking over the Alcohol Industry

December 3, 2020
Video: Mike Sonko leaks Governor Anne Kananu’s Sexcape

Video: Mike Sonko leaks Governor Anne Kananu’s Sexcape

November 22, 2021

Meet the ‘Basmati’ Babes

May 21, 2022

George Kinoti receives a courtesy call from Japan

May 21, 2022

Detectives recover cocaine worth Sh100 Million

May 21, 2022
Centum and a Demonstrable Track Record of Cash Return

Centum and a Demonstrable Track Record of Cash Return

May 21, 2022
  • Home
  • News
  • Business
  • Entertainment
  • Lifestyle
  • Politics
  • Sports
  • Tech
  • World

© 2019 Kenyan Bulletin

No Result
View All Result
  • Homepages
    • Home Page 1
    • Home Page 2
  • News
  • Politics
  • Business
  • World
  • Entertainment
  • Lifestyle
  • Sports
  • Tech

© 2019 Kenyan Bulletin