The case filed by MYC4 seeking to register the arbitration award and obtain a Decree came for a mention on 13th March 2017. The case will be heard again on 9th June 2017.
The Director of Public Prosecution(DPP) has since finalized review of the criminal investigation file forwarded by the Director of Criminal Investigation(DCI) and issued recommendations for criminal charges to be preferred against Daniel Kariuki Kimani the CEO of KEEF (see photo here Daniel Kimani portrait (1) )and Simon Kamau the Chairman of KEEF.
The file has since been forwarded to the Banking Fraud Investigation Department(BFID) for action and both Mr Daniel Kimani and Mr Simon Kamau have been arraigned in the High court in Kiambu on 2oth March 2017 and were released on a Bond. The cases is in Kiambu High Court, Court number 3,Case file KIAMBU P/STN .PCR NO.275/2017.The case will be mentioned on 30th June 2017.
More updates will be shared in our subsequent blog updates.
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 has been making monthly repayments consistently with the last repayment on 15th March 2017 and MYC4 still expects they will continue repayment through the year 2017 until its debt is cleared.
Further MYC4 and YEHU’s legal team will soon be finalizing and executing final repayment agreement soon
Jubilant Kenya Limited
Myc4 has pursued legal intervention against Jubilant Kenya to find a lasting solution to repaying its outstanding debt and this has borne fruit. MYC4 and Jubilant have since entered into a repayment agreement that has been registered with the High Court of Kenya . Through this agreement Jubilant will soon restart repayments and is expected to clear its debt by December 2017.
Myc4 has since appointed a lawyer to take legal debt recovery procedure against Mtaji since they made their last repayment in the month of October 2016 and numerous follow ups for repayment has not yielded positive results.
The lawyers have since issued a legal demand notice and the notice period has since expired.
MYC4 has started the process of lodgings a court case against Mtaji and its CEO Mr Damasi Massawe.
More details will be shared in our subsequent updates as new events unfolds.
MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA.Any developments will be shared going forward .