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.
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.
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.
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.
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.