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
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.
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 .
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.
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 .
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.