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Posts Tagged ‘KEEF’

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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Myc4 enlisted the support of the Danish Embassy to put more pressure on the ongoing investigations on the KEEF dispute. The Embassy was pleased to offer its  help and they have since written to the investigating units involved in the Matter i.e The CID and the BFID. They have also written to KEEF’s lawyer about the matter in court.

The Embassy is committed to use every means available to ensure the matter is settled amicably and speedily.

These letter are attached  here in below.

Letter for Banking Fraud Investigations Department by The Royal Danish Embassy

Letter for Criminal Investigation Department by The Royal Danish Embassy

Letter for KEEF’s Lawyer  by The Royal Danish Embassy

Meanwhile the court case and arbitration process continues with hope that a solution will be reached in the near future.

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MYC4 has taken further step to contact all the licenced Credit Reference Bureaus in the country to put on more pressure to Daniel and KEEF and also provide the information to the market. Prelisting notification has already been issued to Daniel and KEEF and as required by law after 3o days MYC4 will formally list the two entities with the bureaus.

NOTICE TO KEEF KENYA

 

THE CHIEF EXECUTIVE OFFICER,

KENYA ENTREPRENEURSHIP EMPOWERMENT FOUNDATION-

(KEEF-KENYA)

MAPA HOUSE 3RD FLOOR

P.O BOX 648

KIAMBU

 

Dear Sir,                                                       

 RE: INTENTION TO SUBMIT NEGATIVE INFORMATION PURSUANT TO REGULATION 25 (1) OF THE CREDIT REFERENCE BUREAU REGULATIONS, 2013

Reference is made to the above.

We note with regret that you have failed to act on our various requests to you to regularize your debt with us.  We hereby wish to notify you that your details and that of KEEF will within thirty (30) days from the date hereof be forwarded to all licenced Credit Reference Bureaus for listing and consequently you shall generate an adverse credit worthiness record.

Upon disclosure to a Credit Reference Bureaus please be advised that your information will be used by banking institutions, the micro finance banks and credit grantors in assessing applications for credit or account opening by you, debt tracing and fraud prevention purposes and may affect your ability to obtain and / or maintain existing facilities with banking institutions and other credit grantors.

Yours sincerely,

 JES COLDING

CHIEF OPERATIONS OFFICER

MYC4 A/S

 

 

NOTICE TO DANIEL

 

DANIEL KIMANI,

C/O KENYA ENTREPRENEURSHIP EMPOWERMENT FOUNDATION-

(KEEF-KENYA)

MAPA HOUSE 3RD FLOOR

P.O BOX 648

KIAMBU

Dear Sir,                                                       

 RE: INTENTION TO SUBMIT NEGATIVE INFORMATION PURSUANT TO REGULATION 25 (1) OF THE CREDIT REFERENCE BUREAU REGULATIONS, 2013

 

Reference is made to the above.

We note with regret that you have failed to act on our various requests to you to regularize your debt position with us with respect to your directorship in KEEF-Kenya.

We hereby wish to notify you that your details will within thirty (30) days from the date hereof be forwarded to all licensed Credit Reference Bureaus for listing and consequently you shall generate an adverse credit worthiness record.

Upon disclosure to a Credit Reference Bureau please be advised that your information will be used by banking institutions, the micro finance banks and credit grantors in assessing applications for credit or account opening by you, debt tracing and fraud prevention purposes and may affect your ability to obtain and / or maintain existing facilities with banking institutions and other credit grantors.

Yours sincerely,

 JES COLDING

CHIEF OPERATIONS OFFICER

MYC4 A/S

 

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Keef

In our last update on the KEEF situation, we informed you that MYC4, through its lawyer applied to the High court of Kenya for orders to take the dispute to arbitration since this was provided for in the Loan provider and Admnistrator Contract signed between MYC4 and KEEF. In this post we seek to update you on the developments since the application for arbitration.

The court granted MYC4 the orders and referred the matter for arbitration irrespective of the ongoing court case, as the Arbitration law provides for such. Effectively, the arbitration process causes stay of other proceedings concerning/related to the same dispute.

MYC4 through its lawyer wrote to the Chairman of Kenya Arbitration Council informing him of the court decision and requesting for appointment of an arbitrator. The Chairman indeed acknowledged receipt of the same and confirmed that he will appoint an arbitrator. The Chairman appointed an arbitrator for the matter.

Upon appointment as arbitrator of the MYC4/KEEF dispute, the arbitrator, in writing, invited both parties for a meeting with him on 25/6/2015 (today) to take direction on how to proceed with the process.

KEEF did not appear for the first arbitration meeting today. MYC4 expressed their concern about the delay tactics of the other party. The arbitrator will inform both KEEF and MYC4 in writing about the next meeting to be convened in seven days. Since there have been no court orders staying the arbitration, MYC4 expects that the proceedings will continue uninterrupted, regardless of KEEF’s position.

We shall update you on any new developments. Thank you for your continued support.

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Below is an update on providers up until the month of May.

Kenyan Providers

KEEF –  They hold a substantial amount of MYC4’s portfolio which defaulted several months ago. There has been no cooperation from KEEF on all matters repayments for a while now. Attempts at talks to get them to honour their financial obligations did not bear fruit and MYC4 sought legal action.

MYC4 made a request to the court for arbitration as arbitration is a fast and effective option. MYC4’s legal counsel approached the arbitration council of Kenya and requested for the appointment of an arbitrator. The council appointed an arbitrator. MYC4’s counsel has informed the court of this appointment. The court is for the option of arbitration as the way forward for both parties. MYC4’s legal counsel and KEEF’s legal counsel are expected to meet the appointed arbitrator and discuss the way forward. The court case has been halted until the arbitration process comes to completion. However, the court is and can be of assistance during the arbitration process. MYC4 awaits the commencement of arbitration.

Keef

 

Milango – Their PAR 30 currently stands at 99.9%

The MYC4 team was in Milango offices in Mombasa in February for a a portfolio audit exercise and from this exercise, it came to our attention that Milango did not submit to MYC4 investor funds that were collected from borrowers repaying MYC4 loans.

This month of May, the MYC4 team went to Milango offices in Mombasa for a follow up. Milango still hasn’t lived up to the agreement to remit the funds collected. The team discovered that there have been Milango have made further collections and did not remit to MYC4.

MYC4 has written a letter to Milango instructing that the funds collected be remitted within 8 days. A follow up phone-call will be made once the letter is received. MYC4 is awaiting feedback on this.

 

 

Milango

 

YEHU

The MYC4 team is set to visit Yehu Offices in Mombasa for a portfolio audit soon. Meanwhile, MYC4 is following up on repayments as Yehu has not remitted repayments over the last month.

MYC4 has sent a letter instructing Yehu to remit repayments as their PAR 30 is quite high. The letter also sought to find out how they plan to proceed.

Discussion are currently ongoing.

Yehu logo

 

Jubilant Kenya Limited – Their PAR 30 currently stands at 95%.

MYC4 team visited Jubilant offices in Mombasa this month of May and conducted a portfolio audit. Jubilant has made collection on repayments and have not remitted this funds to MYC4.

MYC4 has sent  a letter instructing for the funds collected to be remitted.

MYC4 is awaiting feedback on said matter.

 

 

Picture1

 

Premier Kenya – Premier Kenya has cleared their portfolio with MYC4 and we wish them all the best in their endeavours.

 

premier

Tanzania Providers

Mtaji – Their PAR 30 currently stands at 0%.

Mtaji has effectively adhered with their repayment agreement with MYC4 and we expect their next repayment in July.

Mtaji

 

Uganda Providers

Tujijenge Uganda -Their PAR 30 currently stands at 48%.

We are following up on repayments and we expect repayments for the month of May shortly.

TUG

Uganda Microcredit Foundation – UMF has cleared their portfolio with MYC4 and we wish them all the best in their endeavours.

umf

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As we indicated in our previous post MYC4 previously sent out bulk SMSes/Text messages to go out to all individual MYC4/KEEF borrowers informing them of:

i.) the legal termination of the MYC4/KEEF contract
ii.) they are to make repayments directly to MYC4
Due to the various inquiries MYC4 has received from MYC4/KEEF borrowers about their savings with KEEF, last week MYC4 sent out a follow up SMS to inform them that:
i.) MYC4 has never been in charge of MYC4/KEEF borrowers’ savings
ii.) MYC4 is therefore not responsible for whatever happens to their savings.
The SMS in question read:
Dear (borrower name) kindly be informed that prior to the termination of the partnership contract with KEEF, and thereafter MYC4 has never handled borrower savings and therefore MYC4 is not responsible for your savings.

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In follow up to the SMS that MYC4 sent MYC4/KEEF borrowers, MYC4 placed a public notice in the mainstream newspaper, the Daily Nation. The notice ran in today’s 27/04/2015 Monday paper.

Myc4 Public Notice, Daily Nation

Myc4 Public Notice, Daily Nation

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