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Kenyan Providers

KEEF

As indicated previously the matter to obtain a judgement on the award previously issued by the Arbitrator is still pending in the High court.

The case is coming for mention  on 5th September  2016 where all parties are expected to appear before the judge for directions.

The CID /BFID  investigation is still awaiting the DPP’s  recommendation and the  way forward of the findings presented to his office in December 2015.

Myc4 will issue an  update upon receipt of official communication from the DCI

     Keef

Milango

Myc4  lawyers  issued legal demand notice to Milango and its guarantors  which  has since expired. The legal team awaits response from Milango and will advise if there will be a need to go to court  for recovery of the outstanding debt depending on the outcome  .The next course of action will be advised in subsequent updates.

Milango

Yehu

Yehu has continued to pay to MYC4  on a monthly basis.

YEHU’s lawyers and MYC4 lawyers are in the final stages of competing a new repayment agreement as advised earlier. This will see YEHU pay a constant monthly repayment towards settling their obligation with MYC4 .

Yehu logo

Jubilant Kenya Limited

Jubilant is working hard to keep its repayment plan to date.Jubilant is expecting a capital injection from the new equity investor part of which will go in to accelerate repayments to MYC4.

Tanzania Providers

Mtaji

MYC4 team visited Mtaji in Tanzania with a view to coming up with a repayment agreement that is acceptable to both parties .

MYcC4 and Mtaji has since entered into a new repayment agreement that will see Mtaji pay a monthly installment toward settling the outstanding debt with MYC4.

Mtaji team remains optimistic and willing to settle MYC4’s obligation as business situation impoves .

Mtaji

BELITA

MYC4 is still pursuing BELITA with the help of  the debt collection agency as indicated in previous updates.

Any new developments will be shared forward going.

Kenyan Providers

KEEF

The matter to obtain a judgement on the award previously issued by the Arbitrator is pending in the High court.

The case was  mentioned  on 14th June 2016 where all parties appeared before the Judge.

MYC4 confirmed to the Judge that it had complied with previous directions.

The Judge gave some direction and another mention was set for 5th July 2016.

The CID /BFID is still awaiting the DPP’s  recommendation and the  way forward of the findings presented to his office in December 2015.

More update will be provided after and official communication from BFID/CID

     Keef

Milango

Myc4  lawyers  have since issued legal demand notice to Milango and its guarantors to pay MYC4 the outstanding loan balance within 21 days. Once the notice period is over the legal team will advise on the next steps depending on how Milango and the Guarantors will have responded. We will keep you posted on any new developments on the issue.

Milango

Yehu

Yehu has continued to pay to MYC4  on a monthly basis.

As advised  YEHU  had expressed interest to enter into a new and final agreement that is  reflective of the current situation to enable the clear the outstanding balance by paying a constant monthly repayment amount.Our legal teams are about to finalize the agreement.

Yehu logo

Jubilant Kenya Limited

Jubilant is working hard to keep its repayment plan to date. Jubilant signed an investment agreement with a new equity investor and capital inflow  is being processes after legal documentation has been successfully done.

See newspaper article here http://www.businessdailyafrica.com/Ex-banker-turns-desire-to-help-poor-into-microfinance-business/-/1248928/3247810/-/item/0/-/143wy7wz/-/index.html

Tanzania Providers

Mtaji

Mtaji has since reached Myc4 and  indicated that they have managed to realize some monies from  their debt collection exercise and will be transferring the same to MYC4.

MYC4 , as indicated earlier , is willing to enter into a new monthly repayment agreement to ensure that the outstanding balance is fully settled.

Mtaji

BELITA

Myc4 has since  listed  BELITA and the Directors with the CRBs as indicated earlier.

MYC4 has also increased its efforts through a debt collection agency(Quest Holdings Limites) and TAMFI in a bid  to ensure that the outstanding balance from BELITA is fully  settled.

Kenyan Providers

KEEF

As indicated earlier , The arbitrator has since issued an award  and Myc4 through its lawyers have moved to the High Court for a judgement/Decree.

The matter is still on going in the court and the next session will be on 14th June 2016.

Civil case is still ongoing at the High court-Commercial Division.

The Criminal investigations by the investigative authorities i.e. Criminal Investigations Department (CID) and Banking Fraud Investigation Department (BFID) has since been completed and the investigation file forwarded to the Director of Public Prosecution (The DPP) for review and direction on the way forward.The DPP has not yet reverted to the investigative authorities with his recommendation and way forward of the findings presented to his office.

 

     Keef

Milango

The debt collection agency engaged for Milango has already commenced the exercise is ongoing .

Myc4 has also instructed its lawyers to proceed to issue a legal demand notice to Milango Board with respect to paying the obligation to MYC4 since earlier attempts to have the matter settled amicably bore no fruits.

Milango

Yehu

Yehu has been paying despite the cash flow challenges indicated earlier.

They have expressed interest to enter into a new and final agreement that in reflective of the current situation to enable the clear the outstanding balance by paying a constant monthly repayment amount.

Yehu logo

Jubilant Kenya Limited

As indicated earlier MYC4  has already entered a new repayment agreement that is reflective of Jubilant’s  current cash flow scenario. MYC4 will work closely with the Jubilant team to ensure that the new agreement is fully executed.

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Tanzania Providers

Mtaji

MYC4 has been working in close collaboration with the Debt collection Agency it enlisted to pursue the collection of the outstanding from Mtaji.

Mtaji has since reached Myc4 and  indicated that they are willing to resume paying the outstanding obligation.

MYC4 , in the view of the foregoing is willing to enter into a new monthly repayment agreement to ensure that the outstanding balance is fully settled.

Mtaji

BELITA

MYC4 has been working in close collaboration with the debt collection agency and TAMFI as indicated earlier to ensure that the outstanding balance from BELITA is fully  settled.

Myc4 has made real its earlier intention to list BELITA and the Directors with the CRBs. This is expected to put additional pressure to the institution to come forth and enter into a repayment plan towards settling the outstanding balance.

Kenyan Providers

KEEF

The arbitrator has since issued an award on the KEEF/MYC4 Arbitration.

The Arbitrator  after careful consideration of the statement of claim together with the adduced documentary evidence, witness statements and oral presentations and other factual materials shared during the process   found that  MYC4’s  claim against KEEF had basis and thus  awarded  MYC4 the full amount of claim, costs  , reimbursements and interest on court rates effective from the date of the award.

The next step as advised by our lawyers is to make application to the high court for a judgement based on the award to enable execution .

After the court issues the judgement / decree, this will be used to carry out the execution against KEEF and related parties.

In readiness for this MYC4 has since contacted a professional private investigator to carry out investigative work on KEEF, Daniel and related parties as mentioned in the award.

MYC4 has also engaged services of a reputable Auctioneer firm to execute recovery immediately upon receipt of the judgement/Decree and the investigation report.

Civil case is still ongoing at the High court-Commercial Division. The last session was on 19th February 2016 in which  the application by third parties to be enjoined in the suit was thrown out by the Court on the ground that it lacked legal basis. MYC4 has since filed to withdraw its earlier application to move the case to arbitration since this has already been taken by events, i.e the arbitration completion and award issuance.

MYC4’s eventual goal is to convince the Court to stop the case since the issue of contract validity that is in contention has already been dealt with in the Arbitration proceeding and as such termination of the case at this point in time will be saving the court and the parties alike time.

The Criminal investigations by the investigative authorities i.e. Criminal Investigations Department (CID) and Banking Fraud Investigation Department (BFID) has since been completed and the investigation file forwarded to the Director of Public Prosecution (The DPP) for review and direction on the way forward.The DPP has not yet reverted to the investigative authorities with his recommendation and way forward of the findings presented to his office.

MYC4 to this end has enlisted the support of the Danish Ambassador in ensuring that the process does not stall in which case his office can be in-touch with the office of the DPP to find out the status of the review.

MYC4 also sought the support of the Embassy on other possible measures against KEEF and Daniel since the arbitration has established culpability of said parties ,including travel bans and possible extradition of the parties using due process for trial outside Kenya.

     Keef

Milango

The debt collection agency engaged for Milango has already commenced the exercise as indicated earlier.

They have since contacted all borrowers with outstanding loans and are working to establish who has outstanding loans and who has since completed paying the loan to Milango in which event they will be seeking to establish repayment plans with those who acknowledge the debt and advise MYC4 on which component to pursue Milango as an institution based on the Guarantee and Contract signed during formalization of the partnership.

MYC4 has also made a meeting with the Milango Board members who reiterated their intention to repay MYC4 obligation once they restart operation. They indeed confirmed that they are aware of the debt collection agency and are committed to cooperate .

 

Milango

Yehu

Yehu has indicated that they are yet to come out of the cash flow constraining regime and have reiterated their willingness to enter into a new repayment plan based on the foregoing circumstances to ensure that they eventually repay the entire outstanding amount to MYC4 investors. MYC4 still  trusts that YEHU has genuine  intention to repay their obligation as and  when cash flow position improves.

Yehu logo

Jubilant Kenya Limited

MYC4  agreed  to adjust Jubilant’s  repayment plan  to fit capital and loan injections from third parties in the coming months. This will ensure that they clear all the outstanding loans before the end of the year as promised. MYC4 will work closely with the Jubilant team to ensure that the new agreement is fully executed.

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Tanzania Providers

Mtaji

MYC4 has been working in close collaboration with the Debt collection Agency it enlisted to pursue the collection of the outstanding from Mtaji.

The parties have also sought the support of the Tanzania Micro finance Institutions Association(TAMFI) whose membership Mtaji belongs to ensure accelerated settlement of the debt.

 

Mtaji

 

BELITA

MYC4 has also been working in close collaboration with the Debt collection Agency  to pursue the collection of the outstanding from BELITA.

The founder  and Managing director of BELITA  indicated to MYC4 that BELITA  acknowledges the debt and is willing to settle its obligation soon.

MYC4 and the debt collection agency is also working in close collaboration with TAMFI to ensure accelerated settlement of the debt.

 

Kenyan Providers

KEEF

The arbitration hearing took place on 28th and 29th as explained earlier. The arbitrator is expected to issue the award any time from now.

The Civil case is still ongoing at the High court-Commercial Division. The next session will be on 19th February 2016 which will be a mention for direction.

The Criminal investigations by the investigative authorities i.e. Criminal Investigations Department (CID) and Banking Fraud Investigation Department (BFID) has since been completed and the investigation file forwarded to the Director of Public Prosecution (The DPP) for review and direction on the way forward.

     Keef

 

Milango

The debt collection agency engaged for Milango has already commenced the exercise.

They have since contacted all borrowers with outstanding loans and are working in close collaboration with Milango Financial services staff to ensure  recovery of the loans in good time.

 

Milango

 

Yehu

Yehu January repayment has been received. However they are yet to catch up with the June 2015 agreement. We still  trust that they will catch up when cash flow position improves.

Yehu logo

 

Jubilant Kenya Limited

As indicated earlier Jubilant has continued to experience financial constraints since last year. They have however  promised to accelerate their repayments in order to fully repay the outstanding loans by June 2016.

MYC4 has clearly indicated that failure to make payments to catch up with the June 2015 agreement, we will hand them over to a debt collector.

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Tanzania Providers

Mtaji

As earlier indicated Mtaji has not been keeping their promises to make payments.

MYC4 has taken a step forward to hand over the portfolio to a reputable debt collection.

We will update on the developments forward going.

Mtaji

Jubilant Kenya Limited

As indicated in our previous update on Jubilant , they have undertaken to regularize their position by accelerating repayments this year towards fulfilling the June 2015 agreement.

Myc4 has since received their first repayment this year and we are positive that they will keep their promise going forward.

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Below is a follow up update on providers  as at January 2016.

Many investors have been contacting us to inquire when they can restart lending to African  Entrepreneurs yet again.

Myc4 is doing all we can to bring to conclusion  the differences encountered with our Kenyan partner KEEF-Kenya but haven’t managed to recover the  approximately 1 Million Euros which KEEF-Kenya  is holding back contrary to their contractual obligation as a provider and as such  we are therefore forced to extend the current timeout for new lending.

For more details on individual partners  please read below.

Kenyan Providers

KEEF

Arbitration process is ongoing. The last Arbitration meeting took place on 18th December 2015. Myc4 has filed all requisite documentation and notified  witnesses in readiness for the full hearing.The Arbitrator gave notice of hearing which will take place on 28th and 29th January 2016. A ruling will be delivered shortly after.

The Civil  case is still ongoing at the High  court-Commercial Division .

The Criminal investigations by the investigative authorities i.e Criminal Investigations Department( CID) and Banking Fraud Investigation Department(BFID) is at an advanced stage and we trust justice will be served shortly

 

Keef

Milango

As previously indicated Milango has since transferred all  loan files to MYC4 offices. MYC4 has already instructed its legal counsel in Nairobi,Kenya to institute debt recovery proceedings against Milango Financial Services and its directors. In addition Myc4 has procured the services of a reputable debt collection agency to pursue the debt collection from the borrowers in addition to the pursuit on the institution.

Milango

Yehu

Yehu has continued to pay albeit with difficulties. The last repayment installment was received in December 2015 . However as a whole Yehu  is still behind the June 2015 repayment agreement.

Yehu logo

Jubilant Kenya Limited

Jubilant continued to experience financial constraints since last year. They have however indicated that the situation is expected to normalize soon and have promised to accelerate their repayments in order to keep in phase with the agreement made in June 2015.

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Tanzania Providers

Mtaji

Mtaji Credit Ltd  has indicated that the recently concluded elections in Tanzania affected business climate generally.This resulted in most businesses slowing down their operations during the heightened electioneering period. Systemically this also affected repayment from businesses and consequently cash flow constraints followed.The Management of Mtaji has undertaken to fast track repayment to cover the missed installments.

Myc4 has however indicated to Mtaji that in the event that they are not making transfers to keep in phase with the previous agreement we will consider handing over the portfolio to a debt collection Agency already identified.

Mtaji

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