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Posts Tagged ‘Better life for Tanzanians’

Kenyan Providers

KEEF

The arbitrator has since issued an award on the KEEF/MYC4 Arbitration.

The Arbitrator  after careful consideration of the statement of claim together with the adduced documentary evidence, witness statements and oral presentations and other factual materials shared during the process   found that  MYC4’s  claim against KEEF had basis and thus  awarded  MYC4 the full amount of claim, costs  , reimbursements and interest on court rates effective from the date of the award.

The next step as advised by our lawyers is to make application to the high court for a judgement based on the award to enable execution .

After the court issues the judgement / decree, this will be used to carry out the execution against KEEF and related parties.

In readiness for this MYC4 has since contacted a professional private investigator to carry out investigative work on KEEF, Daniel and related parties as mentioned in the award.

MYC4 has also engaged services of a reputable Auctioneer firm to execute recovery immediately upon receipt of the judgement/Decree and the investigation report.

Civil case is still ongoing at the High court-Commercial Division. The last session was on 19th February 2016 in which  the application by third parties to be enjoined in the suit was thrown out by the Court on the ground that it lacked legal basis. MYC4 has since filed to withdraw its earlier application to move the case to arbitration since this has already been taken by events, i.e the arbitration completion and award issuance.

MYC4’s eventual goal is to convince the Court to stop the case since the issue of contract validity that is in contention has already been dealt with in the Arbitration proceeding and as such termination of the case at this point in time will be saving the court and the parties alike time.

The Criminal investigations by the investigative authorities i.e. Criminal Investigations Department (CID) and Banking Fraud Investigation Department (BFID) has since been completed and the investigation file forwarded to the Director of Public Prosecution (The DPP) for review and direction on the way forward.The DPP has not yet reverted to the investigative authorities with his recommendation and way forward of the findings presented to his office.

MYC4 to this end has enlisted the support of the Danish Ambassador in ensuring that the process does not stall in which case his office can be in-touch with the office of the DPP to find out the status of the review.

MYC4 also sought the support of the Embassy on other possible measures against KEEF and Daniel since the arbitration has established culpability of said parties ,including travel bans and possible extradition of the parties using due process for trial outside Kenya.

     Keef

Milango

The debt collection agency engaged for Milango has already commenced the exercise as indicated earlier.

They have since contacted all borrowers with outstanding loans and are working to establish who has outstanding loans and who has since completed paying the loan to Milango in which event they will be seeking to establish repayment plans with those who acknowledge the debt and advise MYC4 on which component to pursue Milango as an institution based on the Guarantee and Contract signed during formalization of the partnership.

MYC4 has also made a meeting with the Milango Board members who reiterated their intention to repay MYC4 obligation once they restart operation. They indeed confirmed that they are aware of the debt collection agency and are committed to cooperate .

 

Milango

Yehu

Yehu has indicated that they are yet to come out of the cash flow constraining regime and have reiterated their willingness to enter into a new repayment plan based on the foregoing circumstances to ensure that they eventually repay the entire outstanding amount to MYC4 investors. MYC4 still  trusts that YEHU has genuine  intention to repay their obligation as and  when cash flow position improves.

Yehu logo

Jubilant Kenya Limited

MYC4  agreed  to adjust Jubilant’s  repayment plan  to fit capital and loan injections from third parties in the coming months. This will ensure that they clear all the outstanding loans before the end of the year as promised. MYC4 will work closely with the Jubilant team to ensure that the new agreement is fully executed.

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Tanzania Providers

Mtaji

MYC4 has been working in close collaboration with the Debt collection Agency it enlisted to pursue the collection of the outstanding from Mtaji.

The parties have also sought the support of the Tanzania Micro finance Institutions Association(TAMFI) whose membership Mtaji belongs to ensure accelerated settlement of the debt.

 

Mtaji

 

BELITA

MYC4 has also been working in close collaboration with the Debt collection Agency  to pursue the collection of the outstanding from BELITA.

The founder  and Managing director of BELITA  indicated to MYC4 that BELITA  acknowledges the debt and is willing to settle its obligation soon.

MYC4 and the debt collection agency is also working in close collaboration with TAMFI to ensure accelerated settlement of the debt.

 

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Another new loan provider has joined the MYC4 platform: BELITA in Tanzania.

BELITA was established in 2006 by Mrs Helena Lutege who had a vision of creating better lives for Tanzanians through the provision of small business credit. In fact, the name BELITA is short for exactly that, Better Life for Tanzanians.

Helena started out in her backyard and used her personal savings to provide loans, learning the trade the hard way. Over the years, she has managed to grow the institution from one employee to 26, and its customer base has gone from 10 to around 4,000.

BELITA has a strong social mission and focuses on “small entrepreneurs, particularly the disadvantaged group/individual who, because of their low capital, absence of collateral or legal standing, cannot access loans from conventional financial institutions”. In addition, BELITA specialises in servicing clients in the rural areas outside Dar es Salaam. Read more about BELITA on the new Provider Profile.

BELITA’s first loan is already open for bidding: Ones Nursery and Primary School. It is run by 32-year old Obed Zabron Rusumo who sold his house to start the school. He is applying for a loan of 4,000 euro to expand the school by increasing the number of class rooms.

BELITA's first MYC4 loan: Ones Nursery and Primary School

MYC4 considers BELITA to be a breakthrough institution with the basic fundamentals for growth. The MYC4 platform will primarily be used to service BELITA’s long-term clients who are graduating from the solidarity groups and are in need of bigger loan amounts than what the institution is currently able to fund with its own means. This is a good fit with MYC4’s strategy and a controlled way of assisting BELITA to grow to its full potential.

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