KEEF Situation Update
April 20, 2015 by Caroline Mbugua
As stated earlier, MYC4 has taken a Timeout on the uploads of new loans to borrowers in Kenya following a major dispute with one of our providers in Kenya, KEEF who have wrongfully decided to neglect their obligation to repay a large amount to MYC4 investors.
The following are the latest developments on the situation:
1.MYC4 had previously taken the matter to court, but legal counsel advised arbitration as the best way forward. Arbitration, especially in Kenya is bound to take a much shorter period compared with the regular court process that could drag on for years.
MYC4 has already legally terminated the contract with KEEF and filed for arbitration.
2. MYC4 has sent bulk SMSes/Text messages to go out to all individual MYC4/KEEF borrowers informing them of:
i.) the legal termination of the MYC4/KEEF contract
ii.) they are to make repayments directly to MYC4
iii.)the details of where to make the repayments
3. MYC4 is putting maximum effort on making recoveries and collecting delayed repayments from all respective providers.
There shall be more updates as the situation continues to unfold.
Thank you for your continued support.