Cytonnn Investment is threatening to sue Capital Markets Authority (CMA) over defamation against the brand arguing that the authority was hurting the image of their brand and killing business.
In a letter to CMA Chief Executive Wycliffe Shamiah, Cytonn argues that attacks by Shamiah are a threat to an investment of over 30,000 Kenyans valued at over Ksh.20 billion
“Following your incessant attack on the Cytonn brand, you are putting into risk investments of over 30,000 Kenyans valued at over 20 billion shillings and we now seek to protect the interests of innocent Investors hence, we are considering proceedings against you,” said Cytonn in a letter to CMA.
Cytonn is accusing Shamiah of incessant lying to the Kenyan Public, the Parliamentary Committee on Finance and Planning, and the National Treasury about the legality of Private Offers.
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“Your continued partisan application of policy and the regulations. Your continued commission of illegalities and irregularities at the Capital Markets Authority in favor of some players to the detriment of certain singled out players, as set out in this letter,” said the letter.
Cytonn CEO Edwin Dande is accusing the regulator of being insensitive of what is at stake.
The company says remarks made by Shamiah defamatory remarks over the brand could be interpreted to mean that Cytonn is an opportunistic investment partner intent on unfairly taking advantage of its investors and the general public.
Cytonn and CMA have been at loggerheads after it emerged that thousands of Kenyans risk losing their cash through the Cytonn High Yield Solutions.
