Cytonn Fails to Stop its 40-acre Land Takeover

The High Court has granted permission to the Official Receiver to assume control of a 40-acre land in Ruiru, Kiambu County, which is associated with Cytonn companies.

The land is to be sold and the proceeds distributed among investors who suffered significant losses.

Justice Alfred Mabeya approved the Official Receiver’s request, overruling the companies’ objections on the grounds that they were separate entities from Cytonn High Yield Solutions, which is under liquidation.

The judge pointed out that the two Special Purpose Vehicles (SPVs) failed to provide solid arguments against the sale of the property for the investors’ benefit.

He stated that the loans given to the two companies remain unpaid, and the only solution is to transfer the property to the Official Receiver for liquidation to aid the struggling investors.

The Official Receiver requested the court to grant him the title documents for the property, known as Riverun in Ruiru. He also requested that 40 acres be allocated to him as the liquidator of Cytonn High Yield Solutions and Cytonn Real Estate projects.

Additionally, the Receiver appealed to the court to register 50.08 acres under the name of Muiruri Laban Limited (MLL).

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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