Provider Update September 2017

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.

     

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.

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.

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.

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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Provider Updates March,2017

Kenyan Providers

KEEF

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.

     

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.

Yehu

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.

Tanzania Providers

Mtaji

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.

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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Provider Update January, 2017

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.

     

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.

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.

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.

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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Provider Update October 2016

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

     

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.

Yehu

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

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.

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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Provider update August 2016

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

     

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.

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 .

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 .

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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Provider Update June 2016

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

     

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.

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.

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.

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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Provider Update May 2016

Kenyan Providers

KEEF

As indicated earlier , The arbitrator has since issued an award  and Myc4 through its lawyers have moved to the High Court for a judgement/Decree.

The matter is still on going in the court and the next session will be on 14th June 2016.

Civil case is still ongoing at the High court-Commercial Division.

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.

 

     

Milango

The debt collection agency engaged for Milango has already commenced the exercise is ongoing .

Myc4 has also instructed its lawyers to proceed to issue a legal demand notice to Milango Board with respect to paying the obligation to MYC4 since earlier attempts to have the matter settled amicably bore no fruits.

Yehu

Yehu has been paying despite the cash flow challenges indicated earlier.

They have expressed interest to enter into a new and final agreement that in reflective of the current situation to enable the clear the outstanding balance by paying a constant monthly repayment amount.

Jubilant Kenya Limited

As indicated earlier MYC4  has already entered a new repayment agreement that is reflective of Jubilant’s  current cash flow scenario. MYC4 will work closely with the Jubilant team to ensure that the new agreement is fully executed.

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.

Mtaji has since reached Myc4 and  indicated that they are willing to resume paying the outstanding obligation.

MYC4 , in the view of the foregoing is willing to enter into a new monthly repayment agreement to ensure that the outstanding balance is fully settled.

BELITA

MYC4 has been working in close collaboration with the debt collection agency and TAMFI as indicated earlier to ensure that the outstanding balance from BELITA is fully  settled.

Myc4 has made real its earlier intention to list BELITA and the Directors with the CRBs. This is expected to put additional pressure to the institution to come forth and enter into a repayment plan towards settling the outstanding balance.

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