The court case is still ongoing and the next session will be on 25th October 2016.
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 is preparing for the next course of action which is taking legal action to Milango and its Guarantors .More update to follow in our next update post.
YEHU’s lawyers and MYC4 lawyers are in the final stages of competing a new repayment agreement as advised earlier.
Jubilant Kenya Limited
Jubilant Kenya Limited has been experiencing cash flow constrains following delayed capital injection from an equity investor.
They are however doing their best to keep in pace with the repayment agreement made in March 2016.
Myc4 has been in constant talk with Jubilant in a bid to encourage them to honor their part of the agreement.
We trust that payment from Jubilant will resume soon.
Mtaji and MYC4 entered in a new repayment agreement in the month of July . Mtaji has already made the August installment and is expected to make the September installment anytime now.
As reported earlier 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.