Cytonn Investments Management Limited Plc is facing a legal hurdle with The High Court’s Commercial and Admiralty Division, sitting in Nairobi, set to hear a petition for the Insolvency of the firm.
This matter, filed by George Kirigi Thogo on 14th July 2020, is set to be heard on 21st January 2021 according to a notice in the Daily Nation.
In a notice, the High Court has invited any creditor or contributory to the said company Kiarie desirous to support or oppose the making of an order on the said petition, to make san appearance at the time of hearing in person or through a lawyer.
A copy of the petition will be furnished to any creditor or contributory of the said firm.
This insolvency petition against the said firm has been filed by Kariuki and Githi Advocates, representing George Kirigi Thogo as the petitioner.
Cytonn Response
But in response to this petition, Cytonn said, ” We take note of an advertisement in the classifieds section of the Nation newspaper purporting to pursue the liquidation of Cytonn Investments Management Limited, CIMP. Note that the advertisement is malicious as CIMP has no contract with the claimant, there is no windup petition coming up for hearing and CIMP shall seek to absolve itself,” said a note posted on Cytonn’s website.
Three Business Men Sue Cytonn
Meanwhile, three businessmen earlier this month wrote to Cytonn demanding over Sh 6million arising out of an investment they made in the company failure to which they have threatened to file a winding-up petition against the company in 21 days.
“Take notice that if the aforementioned amounts are not remitted to us in full within 21 days from the date of receipt of this Notice, time being of the essence, you will be deemed to have been unable to pay your debts within the meaning of Section 514 (1) (b) of the Insolvency Act.” According to the Star Newspaper.
Furthermore, the law firm noted that it intends to file a report with Kenya’s Directorate of Criminal Investigations (DCI) for purposes of investigating the matter within seven days from the date of the letter.
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