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Posts Tagged ‘BELITA’

Kenyan Providers

KEEF

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged was mentioned on 23rd July 2018.

The Court adjourned the case to 16th October , 2018 wherein more witnesses will take stand.

The civil case was scheduled for highlighting submissions on 27th  July 2018 as indicated earlier.However,the case was adjourned to 10th October,2018.

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4’s  legal team will advise on the way forward in regards to the legal action against Milango  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has to date continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.They will settle their obligations by November, 2018.

Yehu logo

Jubilant Kenya Limited

As indicated earlier the Court ruled in favor of MYC4 and Jubilant was ordered to pay MYC4 the entire debt plus costs of the suit within 60 days from the date of judgement.

Jubilant has not yet honored the court directions and our legal team has proceeded to take the next steps which includes sale the goods confiscated and to institute other debt recovery measures against Jubilant and it’s directors.

MYC4’s legal team has since applied to the Court for warrants of attachment and sale. These have since been granted and forwarded to the Auctioneer for further action.

Further developments on the matter will be shared in our subsequent update.

Tanzania Providers

Mtaji

The case launched by MYC4 lawyers in Tanzania is proceeding on at the High Court of Tanzania

The court will issue a new date for hearing an application that  Damasi Massawe filled  in Court seeking MYC4 to put a security deposit in Court since it is a foreign company.

Our lawyers as indicated lodged a reply to that application and awaits the Court to issue a hearing date for the same.

More details will be shared in our subsequent updates as the case proceeds in Court.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

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Kenyan Providers

KEEF

The civil case was mentioned on 13th March 2018 as indicated earlier.

The parties confirmed having filed submissions and given a new date 21st May 2018 for highlighting of their submissions.

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged , came  up for hearing  on 5th April 2018 . The Court adjourned the case to 23rd  July  2018 wherein more witnesses will take stand.

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4’s  legal team will advise on the way forward in regards to the legal action against Milango  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has to date continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.They will settle their obligations by November, 2018

Yehu logo

Jubilant Kenya Limited

The Case came up for ruling  on 30th April 2018 .

The court ruled in favor of MYC4 by throwing out the Jubilant’s  application to have the Court set aside and declare the out of Court Consent entered with MYC4 null and void.

The Court further ordered Jubilant to pay MYC4 within 60 days the entire debt plus costs of the suit.

MYC4’s legal team will be advising on the way forward and the best way to make recovery from Jubilant.

Further developments on the matter will be shared in our subsequent update.

Tanzania Providers

Mtaji

The case launched by MYC4 lawyers in Tanzania is proceeding on at the High Court of Tanzania

Mtaji(Damasi Massawe) has since replied to our application by way  of a replying affidavit.

MYC4 lawyers upon receiving the replying affidavit has prepared a counter claim to respond to the issues raised in Damassi’s affidavit.

Further ,Mtaji through Damasi has filled an application in Court seeking MYC4 to put a security deposit in Court since it is a foreign company.

Our lawyers similarly have prepared a reply to that application and will lodge it in Court.

The Court registry will give a new mention date for the case.

More details will be shared in our subsequent updates as the case proceeds in Court.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

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Kenyan Providers

KEEF

The civil case in the High court came up   4th August 2017 where the judge delivered a ruling on an application that the defendants required Myc4 to deposit security with the court. The court declined to issue orders for cost citing lack of jurisdiction .The case continues on 30th October 2017.

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 will be coming up for hearing on 11th September 2017.

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4 legal team is yet to finalize  the process of preparing a legal proceeding against Milango Financial Services and guarantors  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017. They have since made the July and August repayments.

Yehu logo

Jubilant Kenya Limited

The first installment in the  out of Court settlement was due on 30th  June 2017. Jubilant was unable to meet the obligation but have reached out to inform us that they are organizing to fulfill the .Our legal team is in constant talks  with a reputable firm of auctioneers in a bid to execute the Court judgement in the event jubilant fails to pay the debt.

 

Tanzania Providers

Mtaji

Our lawyers have finalized the legal process of lodging a civil case in the High Court of Tanzania .

The lawyers in Tanzania will file the case anytime .

More details will be shared in our subsequent updates as new  events unfolds.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

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Kenyan Providers

KEEF

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.

     Keef

Milango

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.

Milango

Yehu

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.

Yehu logo

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. .

Tanzania Providers

Mtaji

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.

Mtaji

BELITA

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.

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Kenyan Providers

KEEF

 

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

     Keef

Milango

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.

Milango

Yehu

YEHU’s lawyers and MYC4 lawyers are in the final stages of competing a new repayment agreement as advised earlier.

Yehu logo

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.

Tanzania Providers

Mtaji

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.

Mtaji

BELITA

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.

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Kenyan Providers

KEEF

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

     Keef

Milango

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.

Milango

Yehu

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 .

Yehu logo

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.

Tanzania Providers

Mtaji

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 .

Mtaji

BELITA

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.

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Kenyan Providers

KEEF

The matter to obtain a judgement on the award previously issued by the Arbitrator is pending in the High court.

The case was  mentioned  on 14th June 2016 where all parties appeared before the Judge.

MYC4 confirmed to the Judge that it had complied with previous directions.

The Judge gave some direction and another mention was set for 5th July 2016.

The CID /BFID is still awaiting the DPP’s  recommendation and the  way forward of the findings presented to his office in December 2015.

More update will be provided after and official communication from BFID/CID

     Keef

Milango

Myc4  lawyers  have since issued legal demand notice to Milango and its guarantors to pay MYC4 the outstanding loan balance within 21 days. Once the notice period is over the legal team will advise on the next steps depending on how Milango and the Guarantors will have responded. We will keep you posted on any new developments on the issue.

Milango

Yehu

Yehu has continued to pay to MYC4  on a monthly basis.

As advised  YEHU  had expressed interest to enter into a new and final agreement that is  reflective of the current situation to enable the clear the outstanding balance by paying a constant monthly repayment amount.Our legal teams are about to finalize the agreement.

Yehu logo

Jubilant Kenya Limited

Jubilant is working hard to keep its repayment plan to date. Jubilant signed an investment agreement with a new equity investor and capital inflow  is being processes after legal documentation has been successfully done.

See newspaper article here http://www.businessdailyafrica.com/Ex-banker-turns-desire-to-help-poor-into-microfinance-business/-/1248928/3247810/-/item/0/-/143wy7wz/-/index.html

Tanzania Providers

Mtaji

Mtaji has since reached Myc4 and  indicated that they have managed to realize some monies from  their debt collection exercise and will be transferring the same to MYC4.

MYC4 , as indicated earlier , is willing to enter into a new monthly repayment agreement to ensure that the outstanding balance is fully settled.

Mtaji

BELITA

Myc4 has since  listed  BELITA and the Directors with the CRBs as indicated earlier.

MYC4 has also increased its efforts through a debt collection agency(Quest Holdings Limites) and TAMFI in a bid  to ensure that the outstanding balance from BELITA is fully  settled.

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