A court session was held on 25th October,2016 and the Judge directed that the parties appear before him again on 14th March 2017.
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. A new update will be issued upon receipt of official communication from the DCI
Myc4 upon receipt of legal opinion from its legal team has decided to take legal action against Milango Financial Services and guarantors directors. Details will be shared in subsequent blog updates.
MYC4 received a repayment from YEHU in the month of October 2016.
As informed earlier a new repayment agreement is about to be signed between YEHU’s lawyers and MYC4.
A team from MYC4 will be visiting YEHU this week to facilitate finalization of the agreement.
Myc4 is positive that YEHU is still committed in paying the outstanding soon.
Jubilant Kenya Limited
Myc4 is still in talks with Jubilant Kenya Ltd to ensure they revert back to the repayment agreement entered into with MYC4 in April 2016. We are working hard to ensure that payment from Jubilant will resume soon.Towards this end MYC4 team will also visit Jubilant to have discussion in a bid to kick start the repayments.
Mtaji made their last repayment in the month of October 2016.
Myc4 and Mtaji are in constant talk to ensure repayments continues as per the July 2016 repayment agreement.
We are also working hard to ensure that repayments will stream in soon.
MYC4 has not been able to settle a repayment agreement with BELITA .
Any new developments will be shared forward going.