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
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.
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.
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.
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.
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.