Cytonn Investments Management Plc says it will appeal against the High Court directive that dismissed their petition that sought to challenge the Capital Markets Authority directive limiting their projects under its asset managers unit to 10 percent.
Cytonn CEO Edwin Dande alleges that the ruling that was delivered in favor of CMA, “The learned judge misdirected himself in law and misapprehended the facts.”
As per Mr. Dande, they have already filed a notice of appeal.
@MwangoCapital , the learned judge misdirected himself in law and misapprehended the facts. We are playing for the long haul and posterity. We have already filed a notice of appeal, the appeal is being prepared and we shall challenge the decision in the Court of Appeal. 💪🏽
— Edwin H. Dande (@ehdande) December 1, 2021
“We are playing for the long haul and posterity. We have already filed a notice of appeal, the appeal is being prepared and we shall challenge the decision in the Court of Appeal,” he said.
Mr. Dande insists that as per the CMA regulation 16 (2) of the Collective Investment Schemes, regulations can tell they don’t apply to Cytonn High Yield Fund (CHYF).
The CHYF was launched in 2019, giving a 15 percent rate of return annually.
Cytonn Asset Managers Ltd (CAML) is regulated by both CMA and the Retirement Benefits Authority (RBA).
The funds managed by the entity under the approved Collective Investment Schemes are; Cytonn Money Market Fund; Cytonn Balanced Fund; Cytonn Equity Fund; Cytonn Africa Financial Services Fund; Cytonn Money Market Fund (USD); and Cytonn High Yield Fund.
This article first appeared on Soko Directory
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