On a recent day outside the Milimani Law Courts in Nairobi, Cytonn Group CEO Edwin Dande faced a wave of anger from investors who accused him of fraudulently mishandling funds.
Investors claim that Cytonn has yet to return KSh 14 billion, mostly invested in Cytonn’s High Yield Solutions (CHYS) and Cytonn Project Notes (CPN).
These projects, which promised high returns, have struggled to pay back investors, citing liquidity issues triggered by the COVID-19 pandemic.
The confrontation stems from legal battles that have been ongoing since 2020 when Cytonn first asked investors to delay payment due to financial challenges.
The company’s proposed solutions have only escalated frustration, leading to lawsuits and public outcry.
This latest confrontation is part of the broader push by investors demanding justice and repayment of their funds.
A High Court ruling has also played a part, with recent decisions allowing for liquidation of some of Cytonn’s assets, providing a glimmer of hope for affected investors.
However, tensions remain high as many investors feel betrayed, having invested significant sums into Cytonn’s ventures, only to face delays and uncertainty about when, or if, they will recover their money.
