This archive report was first published on 1 July 2021.
Friday, July 2, 2021, marked a significant development in the ongoing saga surrounding Cytonn's real estate investments, as Parliament summoned the Capital Markets Authority (CMA) chief executive Wyckliffe Shamiah.
The move comes in the wake of mounting complaints from investors regarding delayed payment of returns from Cytonn's real estate investments, which have been valued at Sh13.5 billion.
According to a letter dated June 30, 2021, from the National Assembly Clerk, the Finance committee has invited the CMA CEO and the chairperson to a meeting to discuss the issues raised in a petition from Garissa Township MP Aden Duale.
The petition highlighted the proliferation of unregulated and illegal investment funds that have led to the loss of investor funds.
At its 45th sitting held on June 23, 2021, the committee resolved to invite the chairperson and the chief executive officer of the Capital Markets Authority for a meeting to discuss issues raised in the said statement.
The tenure of billionaire businessman James Ndegwa as chair of CMA came to an end in April.
The letter, which is also copied to the Treasury Principal Secretary Julius Muia and Mr Duale, requires Mr Shamiah and the chair to appear before the Finance committee on Thursday, July 8, at Continental House.
They will be required to prepare a comprehensive report on the issues raised, which should reach the committee on or before Wednesday, July 7, 2021.
