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.
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.
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.
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.
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.
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.