This archive report was first published on 19 August 2021.
On August 18, 2021, the High Court granted Cytonn Investments a significant reprieve in a long-standing dispute with the Capital Markets Authority (CMA).
The court set aside the directives issued by the CMA, which had required Cytonn to change its name within 30 days and stop onboarding new clients.
Cytonn's CEO, Edwin Dande, had taken to Twitter to express his frustration with the CMA's actions, calling them 'insincere' and 'an insistent attack on its brand' that put investments of over 30,000 Kenyans totaling more than Sh.20 billion at risk.
According to Cytonn, the CMA's actions were a result of a dispute over the legality of private offers, which the company argued was a matter of interpretation.
Edwin Dande tweeted, 'Lacks a good grasp of Capital Markets. Part 3 was to be about Mr. Shamiah's contradictory positions on Private Offers/Unregulated products.'
The High Court's decision is a significant victory for Cytonn, which had argued that the CMA's directives were 'illegal' and 'unfair.'
