The case filed by MYC4 seeking to register the arbitration award and obtain a Decree was adjourned and the parties thereto ordered to appear before the Judge on the 14th March 2017 .
In regards to the investigation by the Director of Criminal Investigation(DCI) MYC4 also expects that the Director of Public Prosecution(DPP) has had adequate time to review the investigation file earlier forwarded to him and any time now expect an official communication on the decision the DCI should take. A more updates will be issued upon receipt of the communication from the DCI’s office.
MYC4 legal team is in the process of preparing a legal proceeding against Milango Financial Services and guarantors as indicated earlier . Details will be shared in subsequent blog updates.
Yehu made its last repayments in the month of December 2016 and MYC4 expects they will continue repayment through the year 2017 until its debt is cleared.
MYC4 and YEHU’s legal team will soon finalize and execute a final repayment agreement in the coming weeks.
Jubilant Kenya Limited
Myc4 is has continued intervention upon Jubilant Kenya to resume repayments. A visit in the same spirit was made in the Month of November 2016 but todate Jubilant has not lived up to the repayment agreement of April 2016.
Due to Jubilant’s inability to resume repayment nor give an acceptable guarantee , MYC4 has resulted in taking legal action against Jubilant .
MYC4 will also communicate Jubilant’s default status to the larger general public in addition to forwarding the negative information to the Credit Reference Bureaus.
MYC4’s legal team will in addition to the above measures institute a legal proceeding to recover the outstanding debt.More details will be shared in subsequent Blog updates. .
As communicated in our earlier updates ,Mtaji made their last repayment in the month of October 2016.
Myc4 has considered taking legal debt recovery procedure against Mtaji in a bid to put more pressure and ensure they clear the outstanding.
MYC’s legal team will seek to reach out directly to the other Board Members .Details of this will be shared in our subsequent updates.
BELITA has not been able to settle a repayment agreement with MYC4 .However , MYC4 is working had to find a way of collecting the outstanding loans from BELITA.Any progress will be shared forward going.