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Notice

To all MYC4 investors and other stakeholders,

Today, May 2019, the Board of MYC4 has decided that the platform shall not again start new investment activities on MYC4.com and as a sad, but unavoidable, consequence the platform will be closed on May 31st. We therefore ask all remaining investors to withdraw the funds remaining on their accounts before the end of the month by logging on to their account and follow the withdrawal instructions online.

MYC4 started operations in 2007 and was, at that time, one of the first online crowdfunding platforms in the World and the very first to focus on connecting African entrepreneurs in need of capital to grow with investors willing to provide the capital. Since then, MYC4 has been instrumental in channeling more than    € 24m from 20,955 investors from 120 countries to 20,475 small African businesses and thereby impacting between 100-145,000 Africans’ lives positively.

One of the visions of MYC4 was to create a platform which, over time, would be financially sustainable by offering a possibility of financial return to investors, thus demonstrating that people from all over the World could participate directly and personally in creating sustainable growth in developing countries.

To a large extent, this objective was reached as for extended periods investors enjoyed an average return of 1.7-1.9%.

In 2009 MYC4 hit a major bump on the road when one of our main Provider Partners in Kenya, James Maina of Ebony Capital stopped repaying investors and ran away with their funds. James Maina is still wanted by Kenyan police and the legal case launched by MYC4 on behalf of our investors still pending 10 years later.

Subsequently, MYC4 firmed up screening and internal procedures, and continued the growth path with positive returns, at times facilitating new loans of € 100,000 per month.

As most of you know, an even more serious and viciously engineered fraud attack hit MYC4 in March 2015, when Daniel Kimani, CEO of Provider KEEF in Kenya, turned out to be a professional conman and refused to repay almost €1m to MYC4 investors. MYC4 won early 2017 in Kenya Arbitration Court a clear verdict commanding Daniel Kimani to repay MYC4 investors their funds plus interest and cost, but he never did. For more than 3 years now, MYC4 has been fighting in the Kenyan legal system to get justice but has constantly met postponements and met obstacles, all of which have been posted on our online blog.

It is with great regret that MYC4 management must let go of the original vision which drove the project and almost 21,000 people from 120 countries around the World to support us. Lastly, MYC4 would like to thank you all for your tremendous support and encouragement throughout our almost 12 year journey whereby somewhere between 100,000 and 145,000 African lives have been positively impacted.

Yours sincerely,

Mads Kjær, CEO

MYC4

info@myc4.com

 

 

 

 

 

 

Kenyan Providers

KEEF

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged came for hearing on  16th February , 2019 . More  witnesses were exepected to take stand,however,the case was adjourned and a  new date for the case will be communicated when the remaining witnesses will testify.

The civil case was scheduled for highlighting submissions on 10th October,2018. A new date will be communicated by the High Court registry

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4’s management is waiting for a legal advisory from the  legal team on the way forward in regards to the legal action against Milango  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has consistently paid its obligation that was expected to be cleared in November 2018. However,a small clearing balance is outstanding and we are talking to YEHU to clear once and for all.

Yehu logo

Jubilant Kenya Limited

As indicated earlier the Court ruled in favor of MYC4 and Jubilant was ordered to pay MYC4 the entire debt plus costs of the suit within 60 days from the date of judgement.

MYC4’s legal team after obtaining  warrants of attachment and sale and submitting the same to auctioneer, they repossesed office equipment and a motor vehicle which was auctioned even though little monies was raised and basically went into offsetting storage charges .

The legal team is aggressively following with Jubilant’s management  for payment of the outstanding sum as directed by the Court.

Further developments on the matter will be shared in our subsequent update.

Tanzania Providers

Mtaji

The commercial case against Mtaji Credit Facility at the High Court of Tanzania Commercial Division has been set to come for  the 1st Pre Trial conference on the  21st March 2019. This comes after disposal of an interlocutory Application, Misc. Commercial Application No. 58 of 2018  , an application for determination of security for costs which was filed by Mtaji Credit Facility claiming for 30 Million Tanzania for the same. The ruling was delivered by the Court today to wit, the Court has considered oMYC4’s defence and ordered  to deposit into the Court 5 Million Tanzania Shillings .

More details will be shared in our subsequent updates as the case proceeds in Court.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

Kenyan Providers

KEEF

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged was mentioned on 23rd July 2018.

The Court adjourned the case to 16th October , 2018 wherein more witnesses will take stand.

The civil case was scheduled for highlighting submissions on 27th  July 2018 as indicated earlier.However,the case was adjourned to 10th October,2018.

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4’s  legal team will advise on the way forward in regards to the legal action against Milango  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has to date continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.They will settle their obligations by November, 2018.

Yehu logo

Jubilant Kenya Limited

As indicated earlier the Court ruled in favor of MYC4 and Jubilant was ordered to pay MYC4 the entire debt plus costs of the suit within 60 days from the date of judgement.

Jubilant has not yet honored the court directions and our legal team has proceeded to take the next steps which includes sale the goods confiscated and to institute other debt recovery measures against Jubilant and it’s directors.

MYC4’s legal team has since applied to the Court for warrants of attachment and sale. These have since been granted and forwarded to the Auctioneer for further action.

Further developments on the matter will be shared in our subsequent update.

Tanzania Providers

Mtaji

The case launched by MYC4 lawyers in Tanzania is proceeding on at the High Court of Tanzania

The court will issue a new date for hearing an application that  Damasi Massawe filled  in Court seeking MYC4 to put a security deposit in Court since it is a foreign company.

Our lawyers as indicated lodged a reply to that application and awaits the Court to issue a hearing date for the same.

More details will be shared in our subsequent updates as the case proceeds in Court.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

Kenyan Providers

KEEF

The civil case was mentioned on 13th March 2018 as indicated earlier.

The parties confirmed having filed submissions and given a new date 21st May 2018 for highlighting of their submissions.

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged , came  up for hearing  on 5th April 2018 . The Court adjourned the case to 23rd  July  2018 wherein more witnesses will take stand.

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4’s  legal team will advise on the way forward in regards to the legal action against Milango  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has to date continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.They will settle their obligations by November, 2018

Yehu logo

Jubilant Kenya Limited

The Case came up for ruling  on 30th April 2018 .

The court ruled in favor of MYC4 by throwing out the Jubilant’s  application to have the Court set aside and declare the out of Court Consent entered with MYC4 null and void.

The Court further ordered Jubilant to pay MYC4 within 60 days the entire debt plus costs of the suit.

MYC4’s legal team will be advising on the way forward and the best way to make recovery from Jubilant.

Further developments on the matter will be shared in our subsequent update.

Tanzania Providers

Mtaji

The case launched by MYC4 lawyers in Tanzania is proceeding on at the High Court of Tanzania

Mtaji(Damasi Massawe) has since replied to our application by way  of a replying affidavit.

MYC4 lawyers upon receiving the replying affidavit has prepared a counter claim to respond to the issues raised in Damassi’s affidavit.

Further ,Mtaji through Damasi has filled an application in Court seeking MYC4 to put a security deposit in Court since it is a foreign company.

Our lawyers similarly have prepared a reply to that application and will lodge it in Court.

The Court registry will give a new mention date for the case.

More details will be shared in our subsequent updates as the case proceeds in Court.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

Kenyan Providers

KEEF

The civil case was mentioned on 22nd January 2018 as indicated earlier.

The Judge gave an extension for the third respondent in the case to file their submissions.

The Parties(KEEF,Daniel Kimani ,Cyrus Komu on one side and MYC4 on the oneside) will appear again before the Judge on 13th  March  2018 highlighting of submissions.

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged , came  up for hearing  on 25th January 2018. One witness took to stand . The Court adjourned the case to 5th April 2018 .

MYC4 remains  optimistic that our legal team together with the state prosecutors are well prepared and that in the course of 2018 both cases will come to logical conclusion and justice served eventually.

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4’s  legal team will advise on the way forward in regards to the legal action against Milango  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has to date continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.

Yehu logo

Jubilant Kenya Limited

Jubilant failed to honor its obligations despite many follow ups and an out of Court settlement agreement registered in the High Court .

The legal teams appeared before the court on 17th January 2018 as indicated earlier.

The Case was adjourned to 20th March 2018 when the parties will highlight their submission and the Court will thereafter give direction on the matter.

Further developments on the matter will be shared in our subsequent update.

Tanzania Providers

Mtaji

Our lawyers have since lodged a  civil case in the High Court of Tanzania  and  Mtaji Credit and Damasi Massawe has since been  served with sermons to appear in Court on 7th March 2018.

More details will be shared in our subsequent updates as the case proceeds in Court.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

Kenyan Providers

KEEF

The civil case was mentioned on 30th October 2017 as indicated earlier.

The Judge directed both parties to file written submission on the main application by MYC4 (Application One: MYC4 seeking the Court to adopt the Arbitration Award and issue a Judgement/Decree).

The Parties(KEEF,Daniel Kimani ,Cyrus Komu on one side and MYC4 on the otherside) will appear again before the Judge on 22nd January 2018 for further direction.

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged , came  up for mention on 11th September as indicated earlier.The Judge however adjourned the case to 25th January 2018.

MYC4 remains  optimistic that our legal team together with the state prosecutors are well prepared and that in the course of 2018 both cases will come to logical conclusion and justice served eventually.

 

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4’s  legal team is yet to finalize  the process of preparing a legal proceeding against Milango Financial Services and guarantors(Directors)  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has to date continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.

Yehu logo

Jubilant Kenya Limited

Jubilant failed to honor its obligations despite many follow ups and an out of Court settlement agreement registered in the High Court .

MYC4’s  legal team  has since given  instructions to a  firm of auctioneers to execute recovery against Jubilant Plc Kenya pursuant to the Court Judgement issued by The High Court .

The Auctioneers has since made  recovery and proclamation of  assets(a vehicle and Office furniture) at  Jubilant Plc premises upon expiry of notice period.

The recovered good are held under safe custody awaiting disposal and proceeds therefrom will be paid back to investors.

MYC4 will pursue legal means to recover the remaining  outstanding as will be advised by our lawyers.

Further developments on the matter will be shared in our subsequent update.

 

Tanzania Providers

Mtaji

Our lawyers have since lodged a  civil case in the High Court of Tanzania  and anytime Mtaji Credit and Damasi Massawe will be served with sermons to appear in Court.

More details will be shared in our subsequent updates as the case proceeds in Court.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

 

DECEMBER 2017 HOLIDAYS

We take this opportunity to wish all of you a merry Christmas and Happy New Year 2018

Myc4 offices will remain closed during this period of festivities starting 15th December and shall reopen on 8th January 2018.

 

Kenyan Providers

KEEF

The civil case in the High court is coming up for a mention  on 30th October 2017. Having dispensed with the application on Security deposit,the Court will be giving directions on when to hear the other pending three applications.

Application One : MYC4 seeking the Court to adopt the Arbitration award and issue a judgement/Decree

Application Two:Preliminary Objection by KEEF and Daniel Kimani to put aside the Award

Application Three: Application by Cyrus Komu seeking asking the Court to dismiss application No.1 as invalid and illegal

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 will be come up on 11th September 2017. The case was postponed to the 7th November 2017 when all parties will be required to be ready to call witnesses.

More updates will be shared in our subsequent blog updates.

     Keef

Milango

As updated on the previous issue MYC4’s  legal team is yet to finalize  the process of preparing a legal proceeding against Milango Financial Services and guarantors  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.

Yehu logo

Jubilant Kenya Limited

As updated during the last provider update Jubilant was unable to meet the obligation as per the out of Court Consent .Our legal team  has since given  instructions to a  firm of auctioneers to execute recovery against Jubilant Plc Kenya pursuant to the Court Judgement issued by The High Court .The Auctioneers has already issued notice for recovery and proclamation of  assets to Jubilant Plc. Any further developments on the matter will be shared in our subsequent update.

 

Tanzania Providers

Mtaji

As per our previous update our lawyers have finalized the legal process of lodging a civil case in the High Court of Tanzania  and anytime a suit will be filed against Mtaji .

More details will be shared in our subsequent updates as new  events unfolds.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

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